The proposed project seeks to identify and test a mechanism to encourage Mexican immigrants in the U.S. to accumulate long-term savings by channeling part of their remittance payments into mortgages for the purchase of housing for their families in Mexico. The proposed project would serve as a model for Mexican financial institutions to replicate and thereby could make an important contribution toward improving the economic and social status of Mexican immigrant families. At the same time it would create an incentive for Mexican immigrants in the U.S. to return to their communities back in their home country, and for their families to access the formal financial system.
Project Detail
Country
Mexico
Project Number
ME-T1003
Approval Date
May 5, 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 49,500.00
Country Counterpart Financing
USD 0.00
Original Amount Approved
USD 49,500.00