Remittances & Investment
The Central Bank of The Gambia (CBG), working in partnership with the MSDG Project will devise, develop and implement a scheme to reduce the cost of remittances to The Gambia to the lowest level possible. The scheme is in line with the 2016 Nairobi Action Plan on Remittances (NARP), the 2015 Joint Valletta Action Plan, and Target 10.7c of the Sustainable Development Goals.
Adopted in September 2015, Target 10.7c of the SDGs states that: “By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent”. The Joint Valletta Action Plan, adopted in November 2015, states that: “In addition [to the 3% SDG target], identify corridors for remittance transfers where the partners commit to substantially reduce the costs by 2020, from Europe to Africa and within Africa”. The Nairobi Action Plan on Remittances, adopted in July 2016, is about provision of: “technical cooperation and support between 2017 and 2018, to 10 (ten) African countries, such that by 2020, a significant number of these target countries would have reduced the cost of remittances to 3% or lower”.