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“MIGRATION AND DEVELOPMENT BRIEF “ RELEASED BY THE WORLD BANK

“MIGRATION AND DEVELOPMENT BRIEF “ RELEASED BY THE WORLD BANK

Context

Recently, “Migration and Development Brief “ was released by the World Bank.

Details

  • As per the report, India was the largest recipient of remittances in 2020.
  • Top five remittance recipient countries in 2020 : India, China, Mexico, the Philippines, and Egypt.
  • Largest remittances sending countries : United States (USD68 billion),  UAE (USD43 billion), Saudi Arabia (USD34.5 billion), Switzerland (USD27.9 billion), Germany (USD22 billion), and China (USD18 billion).

About the World Bank

  • It is an international financial institution.
  • It provides loans and grants to the governments of low and middle-income countries for the purpose of pursuing capital projects.
  • It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The World Bank is a component of the World Bank Group.
  • World Bank Headquarters: Washington, D.C., United States.
  • World Bank Formation: July 1944.
  • World Bank President: David Malpass.

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