The project will forge links between remittance senders and partner MFIs of Centro ACCION (Centro) in Haiti (Sogesol), Colombia (Banco Caja Social), Bolivia (Bancosol) and Nicaragua (FAMA), and Peru (Mibanco).
This project responds to a growing interest to promote the participation of microfinance institutions in the delivery of remittances as a way to reduce transfer costs and increase the access of recipient household to financial services that can help leverage the economic impact of these funds. Access to savings and credit products tailored to low-income families can help families receiving remittances channel these funds towards future investments, such as housing, education or microenterprises.
The long-term goal of this project is to work towards linking banking services between immigrants in the U.S. and their families back home. In order to achieve this, the project will develop partnership relationships between MFIs in LAC and banks in the U.S. that share the objective of increasing the access to mainstream financial services of low-income immigrant communities and their families.
Project Detail
Country
Regional
Project Number
RG-L1078
Approval Date
October 13, 2004
Project Status
Closed
Project Type
Loan Operation
Sector
-
Subsector
-
Lending Instrument
Instrumento del Fondo Multilateral de Inversiones
Lending Instrument Code
MIF
Modality
-
Facility Type
-
Environmental and Social Impact Category (ESIC)
-
Total Cost
USD 2,000,000.00
Country Counterpart Financing
USD 0.00
Original Amount Approved
USD 2,000,000.00
Operation Number | Lending Type | Reporting Currency | Reporting Date | Signed Date | Fund | Financial Instrument |
---|---|---|---|---|---|---|
75/MS-RG | Non-Sovereign Guaranteed | USD - United States Dollar | MIF-Small Enterprise Investment Fund | MIF Financing |
- Lending Type: Non-Sovereign Guaranteed
- Reporting Currency: USD - United States Dollar
- Reporting Date:
- Signed Date:
- Fund: MIF-Small Enterprise Investment Fund
- Financial Instrument: MIF Financing
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https://www.iadb.org/document.cfm?id=EZSHARE-262403590-4229
Eligibility Memorandum
Elegibility memorandum for MIF project RG-M1030 - 75_MS-RG [1813912].PDF
Dec. 31, 1999
English
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