Chandula among 30 global lead experts at IFAD remittance strategy meeting

Monday, 19 May 2014 00:00 - - {{hitsCtrl.values.hits}}

Chandula Abeywickrema, a leading retail and development banking expert who now heads as Managing Director/CEO the project management arm of the Ceylon Chamber Commerce – CCC Solutions, was invited by IFAD for a key strategy and high level expert meeting on ‘Remittance and Finance Instruments for Investment,’ held in Bangkok from 13 to 14 May.

According to IFAD, more than $ 430 billion remittances reached the developing world in year 2013 with 40% of these flows going to rural areas. This amount is equivalent to around four times the official development assistance (ODA) and exceeds Foreign Direct Investment (FDI) inflows in most developing countries. In the next five years, at current trends, $ 2.5 trillion will be sent as remittances, $ 1 trillion of which will reach poor families in the rural developing world. Chandula together with 30 other lead experts under host leadership of Hoonae Kim, Director, Asia and the Pacific for IFAD, deliberated for two days at the strategy meeting with the objective of analysing migrants and diaspora stratification, the challenges and opportunities for investment, exploring the options for designing instrument for investment by migrant workers and diaspora, identifying safe and profitable business models that integrate resources for development investment mechanism. Chandula, who very passionately advocate greater financial inclusion of all segments of society for greater economic enrichment, believes the outcome of these deliberations will benefit Sri Lanka as he intends to multiple collaborations with the banking and private sector of Sri Lanka to facilitate IFAD lead role global remittance strategy.