Remittances to Latin America Rise to $53.6 Bln in 2005

Remittances from immigrant workers in the U.S., Europe and Japan to Latin American countries rose 17 percent last year to $53.6 billion, according to the Inter-American Development Bank. The cash is the largest source of foreign funding for many countries, overwhelming the amount received in foreign aid. Mexico was the largest recipient at $20 billion followed by Brazil with $6.4 billion.