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Remittances and Savings Regional Facility
Latin America and the Caribbean (LAC) is the second region in the world to receive the largest amount of remittances after Asia (including East Asia and the Pacific and South Asia). In 2011, an estimated LAC reached around USD 61,000 billion in international remittances, which were paid in the region by remittance paying companies, commercial banks, microfinance institutions, and credit unions, among others. These payments are processed on a regular basis every month. Of the total remittances received in the region, only a small portion is channeled to savings, and it is estimated that only 20% of recipients have a savings account at a financial institution, prevailing receiving and handling cash in most countries in the region. This is attributed, on the supply side, to the lack of savings products tailored to the needs and preferences of the receiver and the sender as well as to the access and availability of distribution channels. On the demand side there is a lack of financial skills, savings habits and recognition of the benefits generated by the save. The MIF will accompany financial institutions in the region in designing and implementing business strategies that promote the development of savings products tailored to the preferences of people that transfer and adopt alternative distribution channels such as mobile phones and cards, providing savings options close and tailored to the people that send and receive transfers.

Project Detail

Country

Regional

Project Number

RG-M1216

Approval Date

October 24, 2012

Project Status

Closed

Project Type

Technical Cooperation

Sector

FINANCIAL MARKETS

Subsector

FINANCIAL INCLUSION

Lending Instrument

Instrumento del Fondo Multilateral de Inversiones

Lending Instrument Code

MIF

Modality

-

Facility Type

-

Environmental Classification

Likely to cause minimal or no negative environmental and associated social impacts

Total Cost

USD 2,072,110.00

Country Counterpart Financing

USD 0.00

Original Amount Approved

USD 2,072,110.00

Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
ATN/ME-13537-RG Non-Sovereign Guaranteed USD - United States Dollar Multilateral Investment Fund II (MIF) - Nonreimbursable
Operation Number ATN/ME-13537-RG
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - United States Dollar
  • Reporting Date:
  • Signed Date:
  • Fund: Multilateral Investment Fund II (MIF) -
  • Financial Instrument: Nonreimbursable

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Implementation Phase
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29515
Project Performance Monitoring Reports
MIF_ Project Status Report ATN_ME-13537-RG [40720524].PDF
Oct. 25, 2016
English
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29514
Project Performance Monitoring Reports
MIF_ Project Status Report ATN_ME-13537-RG [40095372].PDF
Mar. 25, 2016
English
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29513
Project Performance Monitoring Reports
MIF_ Project Status Report ATN_ME-13537-RG [39742993].PDF
Sep. 03, 2015
English
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29510
Specific Procurement Notices
RG-M1216 [39230429].PDF
Nov. 18, 2014
English
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29511
Specific Procurement Notices
RG-M1216 [39230433].PDF
Nov. 18, 2014
English
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29509
Project Performance Monitoring Reports
MIF_ Project Status Report ATN_ME-13537-RG [39054653].PDF
Sep. 15, 2014
English
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29506
Project Performance Monitoring Reports
MIF_ Project Status Report ATN_ME-13537-RG [38742603].PDF
May. 21, 2014
English
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29505
Project Performance Monitoring Reports
MIF_ Project Status Report ATN_ME-13537-RG [38054641].PDF
Sep. 16, 2013
English
https://www.iadb.org/document.cfm?id=EZSHARE-1983553961-31723
Technical Cooperation Agreement
Regional Facility on Remittances and Savings [37153068].PDF
Nov. 03, 2014
English
https://www.iadb.org/document.cfm?id=EZSHARE-1983553961-31724
Technical Cooperation Agreement
Facilidad Regional para Remesas y Ahorro [37153079].PDF
Nov. 03, 2014
Spanish
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29512
Donors Memorandum
Remesas y ahorros Programa regional [39549689].PDF
Apr. 08, 2015
Spanish
Other Documents
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29507
MIF Project Product
Banco Familiar Case Study - English [38971554].PDF
Aug. 07, 2014
English
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29508
MIF Project Product
Banco Familiar Estudio de Caso - Español [38971557].PDF
Aug. 07, 2014
Spanish
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29504
MIF Project Product
FLYER Remittances and savings program [37442725].PDF
Oct. 02, 2013
English
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29503
MIF Project Product
FLYER Programa Regional de Remesas y Ahorros [37442712].PDF
Feb. 08, 2013
Spanish
Preparation Phase
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29502
Multilateral Investment Fund Abstract
Remittances Facility Expression of Interest form [36948257].docx
Jun. 29, 2012
English
https://www.iadb.org/document.cfm?id=EZSHARE-285940132-29501
Multilateral Investment Fund Abstract
Remesas Formulario expresion de interes [36945137].docx
Nov. 14, 2013
Spanish

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