Pilot Project to Direct Foreign Remittances towards Purchase Housing in Mexico
The proposed project seeks to identify and test a mechanism to encourage Mexican immigrants in the U.S. to accumulate long-term savings by channeling part of their remittance payments into mortgages for the purchase of housing for their families in Mexico. The proposed project would serve as a model for Mexican financial institutions to replicate and thereby could make an important contribution toward improving the economic and social status of Mexican immigrant families. At the same time it would create an incentive for Mexican immigrants in the U.S. to return to their communities back in their home country, and for their families to access the formal financial system.

Project Detail

Country

Mexico

Project Number

ME-T1003

Approval Date

May 5, 2004

Project Status

Closed

Project Type

Technical Cooperation

Sector

FINANCIAL MARKETS

Subsector

FINANCIAL MARKETS

Lending Instrument

Instrumento del Fondo Multilateral de Inversiones

Lending Instrument Code

MIF

Modality

-

Facility Type

-

Environmental Classification

-

Total Cost

USD 49,500.00

Country Counterpart Financing

USD 0.00

Original Amount Approved

USD 49,500.00
Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
ATN/IM-8707-ME Non-Sovereign Guaranteed USD - United States Dollar Italian Trust Fund for MIF Project Prepa Nonreimbursable
Operation Number ATN/IM-8707-ME
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - United States Dollar
  • Reporting Date:
  • Signed Date:
  • Fund: Italian Trust Fund for MIF Project Prepa
  • Financial Instrument: Nonreimbursable