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-L1078

Approval Date

October 13, 2004

Project Status

Closed

Project Type

Loan Operation

Sector

Subsector

Lending Instrument

Instrumento del Fondo Multilateral de Inversiones

Lending Instrument Code

MIF

Modality

Facility Type

Environmental Classification

Total Cost

USD 2,000,000.00

Country Counterpart Financing

USD 0.00

Original Amount Approved

USD 2,000,000.00

Financial Information

Operation Number	Lending Type	Reporting Currency	Reporting Date	Signed Date	Fund	Financial Instrument
75/MS-RG	Non-Sovereign Guaranteed	USD - United States Dollar	Jun. 30, 2024	May. 30, 2005	MIF-Small Enterprise Investment Fund	MIF Financing

Operation Number

75/MS-RG

Lending Type: Non-Sovereign Guaranteed
Reporting Currency: USD - United States Dollar
Reporting Date: Jun. 30, 2024
Signed Date: May. 30, 2005
Fund: MIF-Small Enterprise Investment Fund
Financial Instrument: MIF Financing

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