BUILDING HUMAN AND ECONOMIC CAPITAL: A STRATEGY FOR GUATEMALA
Implemented with support from the U.S. Agency for International Development (USAID), “Opportunities for My Community” is a three-year project that brings together remittances, migrants, education and savings to promote economic and human development in Guatemala. Focusing on 11 municipalities and Guatemala City, the project consists of four Components: a) financial education for remittance recipients in order to improve their knowledge of savings and budgeting, and to promote formal savings; b) access to credit for entrepreneurs, particularly those in the knowledge economy; c) diaspora outreach in order to mobilize their resources to fund education initiatives in Guatemala; and d) extracurricular programs for youth in areas of high emigration. The ultimate objective is to have a a critical mass of people formally saving, investing in education, and contributing to Guatemala’s human capital and economic development as it transitions to a more knowledge-based economy. More information about Opportunities for My Community can be found here.
THE REMITTANCE INDUSTRY OBSERVATORY (RIO)
As the competitive nature of remittance industry moves forward, current economic performance of the U.S. economy shows signs of improvement, Latin American migration patterns shift, and various countries in the Americas review their legislation on migration, it is becoming increasingly important for industry leaders to stay informed of the trends that will affect their businesses. RIO, an initiative of the Inter-American Dialogue, seeks to improve knowledge and information about the remittance market. RIO is funded by its member companies. More information about RIO can be found here.
MIGRATION & DEVELOPMENT IN CENTRAL AMERICA: FORGING DIALOGUES, UNDERSTANDING IMPACTS
This project consists of hosting 5 dialogues that bring together Central Americans from government, civil society, private sector institutions (financial institutions and the media) and the donor community. Through their participation in these dialogues, policy practitioners will have an opportunity to engage with a variety of strategies designed to leverage migration for development through asset building. Discussions will focus on best practices and experiences as well as what needs to be done to take full advantage of the development potential of migration at each of the three stages of the migration cycle (prior to departure, during migration, and following return). This project is carried out in partnership with the Central America and Mexico Migration Alliance (CAMMINA).
ENGAGING REMITTANCE COMPANIES IN DEVELOPMENT EFFORTS
Many diaspora groups engage with development efforts in their home countries through investment, philanthropy, and skills and knowledge sharing. As part of this initiative the Inter-American Dialogue and its Remittance Industry Observatory are partnering to discuss this topic with diverse stakeholders, learning from existing efforts as well as exploring the potential for future partnerships and projects that engage the remittance industry.
REMITTANCE INDUSTRY SCORECARD FOR LATIN AMERICA AND THE CARIBBEAN
The Scorecard is a quantitative framework used to rate more than 50 companies operating in ten countries within the region based on a variety of criteria. Criteria include pricing, geographic coverage in the United States and Latin America, rural vs. urban coverage, financial services intermediation, customer satisfaction, types of products, and services offered. Data collection is underway, and the Scorecard is scheduled for release in 2020.
FINANCIAL INCLUSION FOR REMITTANCE RECIPIENTS
Through partnerships with local banks and credit unions, we offer financial education for remittance recipients, thereby providing them with basic financial management skills as well as access to financial services. The initiatives promote financial inclusion, education, and savings mobilization by transforming transactional clients into bank account holders. Saving in the formal financial system offers important benefits for individuals and societies alike. From 2009 to the present, the Dialogue has provided financial advising to over 200,000 people worldwide, helping them to achieve better management of their income and savings.
TRAINING SESSIONS ON MIGRATION AND DEVELOPMENT
The Remittances, Migration and Development Program designs and delivers a training program on migration and development for high-level government officials. The training sessions aim to strengthen governments’ capacity to provide effective, targeted, and comprehensive solutions to various forms of migration, including supporting measures to promote the linkage between migration and development. Each training session focuses on a different aspect of migration and development, including issues such as the role of the diaspora in home-country development, remittances and financial asset building, regulatory affairs, and women and migration.