International Fund for Agricultural Development European Commission Inter-American Development Bank Consultative Group to Assist the Poor United Nations.

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Presentation transcript:

International Fund for Agricultural Development European Commission Inter-American Development Bank Consultative Group to Assist the Poor United Nations Capital Development Fund Government of Luxembourg Ministry of Foreign Affairs and Collaboration of Spain Financing Facility for Remittances Promoting Innovative Migrant Remittance Systems Pedro de Vasconcelos

Financing Facility for Remittances Euro 10+ million facility EUR 200,000 individual grants per project Project implementation 24 months Competitive call for proposals 1 st March nd February 2008

Increase the development impact of remittances Increase Financial resources for remittance recipients in rural areas Goals FFR FFR Purpose

Data Use of Technology Greater Competition A deeper and more efficient remittances market in the long run Adequate Regulatory Initiatives Strengthening rural remittances Strengthening the Market

5 Banks Private Investors Remittance Senders and Receivers Regulators Credit Unions Microfinance Institutions Market Dynamics Dynamic Market Creation However, the real changes are made within a spiral of market interactions in which several actors are now busily creating a dynamic, rapidly changing and potentially powerful new market

Rural Finance and Financial Options Insurance Microcredit Housing FinancialDemocracy Savings AgriculturalLoans Education Financial Inclusion and Options

12 Link remittances to additional financial services and products 3 Develop innovative and productive rural investment channels for migrants based organizations Improve access to remittance transmission in rural areas The FFR funds proposals that meet specific objectives Strategic approach FFR

International Fund for Agricultural Development European Commission Inter-American Development Bank Consultative Group to Assist the Poor United Nations Capital Development Fund Government of Luxembourg Ministry of Foreign Affairs and Collaboration of Spain

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