On November 9, 2009 the World Bank and the Italian Ministry of Foreign Affairs organized the International Conference on Remittances in Rome. The Conference represents the output of an intense activity that the WB and the G8 have undertaken during the last year in the framework of the Global Remittances Working Group (GRWG).
It was an occasion for representatives of International Organizations, Governments and donors, scholars, representatives of major banks, money transfer operators, payments cards issuers, mobile networks operators and civil society members, to discuss issues in the area of remittances and the results of the activity of the Global Remittances Working Group.
Particular emphasis was given to the commitment from the G8 Leaders at L’Aquila for the reduction of the cost of sending remittances of 5 percentage points in 5 years (“5x5”) and on the consequences and challenges of such pledge at a global level. The “5x5” initiative is open to worldwide participation and association of the interested organizations, governments and stakeholders.