Remittances to developing nations to hit $500 billion in 2015: U.N. official

February 17, 2015 2:33 PM

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ROME (Thomson Reuters Foundation) - An estimated 230 million migrants will send $500 billion in remittances to developing countries in 2015, a flow of capital expected to do more to reduce poverty than all development aid combined, a senior official of the U.N. agricultural bank said.

Ten percent of the world's people are directly affected by this money, Pedro De Vasconcelos, program coordinator for remittances with the International Fund for Agricultural Development, told a conference on Tuesday.

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