Financing for Micro and SMEs through Formal Financial Intermediaries

The main objective of this project with Centro Acción / Acción Internacional is to link remittances sent from the United States with microfinance institutions in LAC. The project will promote the participation of microfinance institutions (MFIs) in the delivery of remittances as a way to reduce transfer costs and increase the access of recipient household to financial services.
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-M1030

Approval Date

October 13, 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 and Social Impact Category (ESIC)

Total Cost

USD 418,000.00

Country Counterpart Financing

USD 252,000.00

Original Amount Approved

USD 166,000.00

Financial Information

Operation Number	Lending Type	Reporting Currency	Reporting Date	Signed Date	Fund	Financial Instrument
ATN/ME-8894-RG	Non-Sovereign Guaranteed	USD - United States Dollar	Jul. 31, 2024	May. 30, 2005	Multilateral Investment Fund II (MIF) -	Nonreimbursable

Operation Number

ATN/ME-8894-RG

Lending Type: Non-Sovereign Guaranteed
Reporting Currency: USD - United States Dollar
Reporting Date: Jul. 31, 2024
Signed Date: May. 30, 2005
Fund: Multilateral Investment Fund II (MIF) -
Financial Instrument: Nonreimbursable

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Implementation Phase

https://www.iadb.org/document.cfm?id=EZSHARE-1989315914-2

Project Performance Monitoring Reports

FOMIN_ Project Status Report ATN_ME-8894-RG [35524417].PDF

Dec. 31, 1899

English

https://www.iadb.org/document.cfm?id=EZSHARE-262403590-10246

Project Performance Monitoring Reports

FOMIN_ Reporte de estado del proyecto ATN_ME-8894-RG [35241958].PDF

Dec. 31, 1999

English

Preparation Phase

https://www.iadb.org/document.cfm?id=EZSHARE-262403590-4038

Project Abstract

Project Abstract for MIF project RG-M1030 - ATN_ME-8894-RG [1795838].PDF

Dec. 31, 1999

English