In 2013, international migrants sent $413 billion home to families and friends — three times more than the total of global foreign aid (about $135 billion).

This money, known as remittances, makes a significant difference in the lives of those receiving it and plays a major role in the economies of many countries. Economist Dilip Ratha describes the promise of these “dollars wrapped with love” and analyzes how they are stifled by practical and regulatory obstacles.

Dilip Ratha is the manager of the Migration and Remittances team at the World Bank and the head of the Global knowledge partnership on migration and development (KNOMAD). He also co-coordinates the G8/G20 Global Remittances Working Group, and is involved in a number of other organizations focusing on remittances. Besides migration, he has done pioneering work on innovative financing including diaspora bonds and South-South foreign direct investment.

“No one has done more than Dilip Ratha to make migration and its potential rewards a top-of-the-agenda concern in the world’s development ministries.” — The New York Times

Here is his talk at TED Business which I am pretty sure you will enjoy!