UNIFAD Seeks Innovative Remittance Proposals

The UN’s International Fund for Agricultural Development is looking for innovative remittance schemes to invest $13 million into. The initiative is labeled the Financing Facility for Remittances (FFR) 2008 and the proposals need should focus on “[p]romoting innovative remittance systems and investment channels for migrants.” The objectives are the following:

* Improve remittance transmission and access to remittance services in rural areas

* Link remittances to financial services and products in rural areas

* Develop innovative and productive rural investment channels and opportunities for migrants and community-based organizations

The funding here will be substantial, and the first deadline is for proposals is May 30th.

Through a four-phase competitive process, the FFR will award grant financing of up to USD 250,000 per project to eligible institutions, to be implemented within a two-year period. Applicants must provide a minimum counterpart contribution of 20 percent of the amount requested (or 30 percent for projects in the Latin America and the Caribbean region), of which at least half should be in cash.

[Source: Microcapital.org]