Leveraging Remittances fo Socioeconomics Development
The project will focus on Sri Lankan migrants in Europe especially to Netherlands, Germany, France, and Italy; and their family member staying in Sri Lanka. Moreover, the project will also focus on remittance recipient families and returnee temporary migrants in Sri Lanka. Many Sri Lankan migrants transfer remittances though informal channel.
A significant portion of remittance has been utilised for non-productive purposes and a very small portion of remittance is used for productive investments. Both the migrants and their family members don’t have enough knowledge on financial literacy (including remittance literacy). Moreover, the family members of these migrants in home country don’t have enough opportunity to have an access to financial services and also institutional support to invest remittances in different economic enterprises.
From this perspective, the project aims to advocate on formal channel of remittances transfer both in country of origin and country of destination, conduct financial literacy trainings both in country of origin and country of destination, develop financial products like savings, credit and insurance products to the remittances recipient families, offer enterprise development trainings and business development services to the remittances recipient families, and link the enterprises of remittances recipient families with Microfinance Institutions(MFIs) and mainstream financial institutions like banks and non-banks financial institutions.
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