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