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Sending Money Home

Sending Money Home. Remittances As a Development Tool in Latin America and the Caribbean. October 18, 2007. MIF Strategy. Document the increasing importance of remittances to the Region Lower transaction costs by promoting competition and encouraging innovative technologies

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Sending Money Home

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  1. Sending Money Home Remittances As a Development Tool in Latin America and the Caribbean October 18, 2007

  2. MIF Strategy • Document the increasing importance of remittances to the Region • Lower transaction costs by promoting competition and encouraging innovative technologies • Leverage the development impact of remittances, once received

  3. MIF Projects and Initiatives To date MIF has a portfolio of 31 projects classified in 3 categories. 1 2 3 Regulatory Framework (Public Sector) • Financial Intermediation / Banking & Housing Productive Investment of migrant Capital

  4. MIF Projects: Examples Regional Program Strengthening Microfinance Institutions through Remittance Transfers Objective: link remittances sent from the U.S. with microfinance institutions in LAC. Partner: Centro Acción / Acción Internacional Activities: 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.

  5. MIF Projects: Examples Ecuador Promoting Migrant Remittances from Spain Objective:Support Banco Solidario, a leading regulated microfinance institution that entered the remittances market, to receive remittances from Spanish credit unions. Partners: Banco Solidario (Ecuador) CECA (SPAIN) Activities: finance technical infrastructure, training and marketing support needed to establish partnership with Spanish credit unions.

  6. MIF Projects: Examples Colombia The Role of Remittances in the Development of a Low-income Housing Market Objective:Aims at channeling remittances to investment in low-income housing through several strategic alliances with banks, developers, “ferias de la construcción” and migrants’ organizations. Partner:Caja de Compensación Familiar de Antioquia, COMFAMA Activities: assessment of the environment, proposed changes to the regulatory environment, financial output design and implementation, sales and publicity strategy

  7. MIF Projects: Partnership with IFAD DominicanRepublic Remittances and rural development in the Dominican Republic • Partner:Banco de ahorro y crédito ADOPEM • Activities: establishment of key alliances, development of remittance-linked financial products based on scheduled savings plans, training to remittance senders and receivers to enhance productive investment.

  8. MIF Projects: Partnership with IFAD Haiti Enhancement of remittances services to and within rural Haiti • Partner:FONKOZE • Objectives: tackle market inefficiencies in remittance transfers in rural areas through the use of advanced technologies, build the capacity of HTAs interested in investing in social projects in rural areas.

  9. Inter-American Development Bank Natasha Bajuk Remittances Program Coordinator (202) 623-2104 www.iadb.org/mif

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