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As from the decade of the eighties, the connections between Migration and Development have awakened the interest of several countries within the framework of reflection, regarding the migratory flows. They have been trying to find out if the emigration can serve as a help support to the development and if it´s able to reduce or prevent migrations. During the decade of the nineties the debate about Migration and Development raised with the multilateral institutions as leaders, as they were simultaneously worried to improve the cooperation and the economic aspects of the migrations. In this work, we try to show the different definitions of codevelopment, specifically the approach adopted by international and multilateral institutions. Secondly, they are perhaps contradictory dimensions if these definitions are analyzed under the light of the international migrations theories. As work tries to show the limitations of the institutional approach: the orientation on the control of the migratory flows fails to take advantage of the practices of transnational space and the positive connections between migration and development. Thirdly, the system of governance on the management of codevelopment policy is questioned. Finally, a series of ideas and routes to reframe the mentioned policy are suggested as possible factors of growth, progress and shared development during crisis times.