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Financing Facility for Remittances Promoting Innovative Migrant Remittance Systems

Financing Facility for Remittances Promoting Innovative Migrant Remittance Systems. Pedro de Vasconcelos. Financing Facility for Remittances. Euro 10+ million facility EUR 200,000 individual grants per project Project implementation 24 months Competitive call for proposals

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Financing Facility for Remittances Promoting Innovative Migrant Remittance Systems

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  1. Financing Facility for Remittances Promoting Innovative Migrant Remittance Systems Pedro de Vasconcelos

  2. Financing Facility for Remittances • Euro 10+ million facility • EUR 200,000 individual grants per project • Project implementation 24 months • Competitive call for proposals • 1st March 2007 • 2nd February 2008

  3. FFR Purpose Goals FFR Increase Financial resources for remittance recipients in rural areas Increase the development impact of remittances

  4. Strengthening rural remittances Strengthening the Market Data Use of Technology A deeper and more efficient remittances market in the long run Adequate Regulatory Initiatives Greater Competition

  5. Market Dynamics However, the real changes are made within a spiral of market interactions in which several actors are now busily creating a dynamic, rapidly changing and potentially powerful new market Private Investors Regulators Dynamic Market Creation Banks Remittance Senders and Receivers Credit Unions Microfinance Institutions 5

  6. Microcredit Savings Education Insurance Financial Democracy Agricultural Loans Housing Rural Finance and Financial Options Financial Inclusion and Options

  7. Strategic approach FFR The FFR funds proposals that meet specific objectives 1 2 3 Link remittances to additional financial services and products Develop innovative and productive rural investment channels for migrants based organizations Improve access to remittance transmission in rural areas

  8. www.ifad.org remittances@ifad.org

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