Aid: World Bank remittances reach $232 billion worldwide

The World Bank, has reported that officially recorded remittances worldwide, reached $232 billion in 2005.

India and China were major beneficiaries with India receiving $21.7 billion and China $21.3 billion.

According to the report payments reduced poverty in Uganda by 11%, Bangladesh by 6% and Ghana 5%.

The Interactive Investor, quotes Dilip Ratha, author of the World Bank study, as saying that "while official remittances account for only 1.3 pct of China's GDP, they have had a significant impact on reducing poverty in China".