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BID and Caixa sign letter of intent to support remittances from Brazilian immigrants

BELO HORIZONTE, Brazil - The President of the Interamerican Development Bank, Luis Alberto Moreno, and the Superintendent of the Caixa Econômica Federal, Flávio Geraldo Petró, signed today a letter of intent at the Expominas Convention Center. This will concern area of financial remittances for Brazilian immigrants that live in the United States, specifically in Massachussets, and their relations in Governador Valadares (MG).

This is a pilot operation with a total investment of US$ 1 million, of which US$ 500,000 are non-refundable resources from the Multilateral Investment Fund (MIF). A further US$ 200,000 will come from the Brazilian Micro and Small Business Support Service (SEBRAE) and US$ 300,000 from the Caixa Econômica Federal.

In the future, the MIF intends to use this partnership to expand into other regions of the United States and, Caixa will open branches and support the financial remittances of Brazilian immigrants, by creating an environment that helps to improve the financial organization and to optimize the resources of these people.

The resources will be intended to make immigrants and their families, in both the United States and Brazil, aware of investment opportunities (opening small businesses, financial investments and specific credit lines for acquiring real estate).

Discussions dealing with how to operationalize this partnership are underway, and the agreement between the two parties should be signed as soon as possible.

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