Leveraging Remittances for Socioeconomic Development in Sri Lanka
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Start date - End date
Brief description of the initiative
This project addresses the need for financial literacy among remittance recipients in order to make remittances work for development. In addition, by promoting formal financial services in Sri Lanka the project aims to mitigate against the development obstacles of informal financial transfers. The project achieved this by providing financial literacy training to enhance the capacity of migrants' families who receive remittances, as well as the capacity of migrants in sending their remittances. In addition, the partners collaborated with banks and Microfinance Institutions (MFIs) to create financial products for remittance receivers.
Results and lessons learned
Within the framework of this project, the developed of financial literacy training materials both in English and Sri Lankan language has taken place. The financial literacy training module was shared during an advocacy conference entitled ‘National Remittances Forum’ held on 16 February, 2010 in Colombo. Several financial literacy trainings have also taken place.
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Main objectives
This project addresses the need for financial literacy among remittance recipients in order to make remittances work for development. In addition, by promoting formal financial services in Sri Lanka the project aims to mitigate against the development obstacles of informal financial transfers. The project achieved this by providing financial literacy training to enhance the capacity of migrants' families who receive remittances, as well as the capacity of migrants in sending their remittances. In addition, the partners collaborated with banks and Microfinance Institutions (MFIs) to create financial products for remittance receivers.
Country
Main activities
- Advocate on formal channels of remittance transfer.
- Conduct financial literacy training sessions both in countries of origin and destination.
- Develop financial products, offer entrepreneurial development training to remittance receiving families.
- Link the business of remittance recipient families with MFIs.
- Mainstream banks and non-bank financial institutions.
Main beneficiaries
The families of Sri Lankan migrants in Europe, particularly in the Netherlands, Germany, France and Italy, and the migrants themselves.
Project Pictures
Project Documents
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This is developed as a result of the Leveraging remittances for socioeconomic developement in Sri Lanka and submitted to Central Bank of Sri Lanka(CBSL).
Now this is under consideration of CBSL and Ministry of External Affairs of Sri Lanka.
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“Media Awareness Conference on EC-UN Joint Migration & Development Initiative funded projects and Migration & Development in Sri Lanka.”
Final Report.
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By Shantha Kulasekara,
Head – Migration Management Unit.
IOM Sri Lanka
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BASUG Newsletter contents :
-Domestic Workers gets ILO recognition
-BASUG in Sri Lanka, EC-UN JMDI Remittance Project Ends: Targets achieved
-Women: The Bangladesh Perspective by Ms. Runa Laila
-Domestic Violence still a grave concern
-Climate migration Conference in Bonn 21-23 July: More challenges ahead for Bangladesh
-Diaspora Bond to be launched: Decline in Remittance inflow in Bangladesh
-Food security and Freedom for all
-Field visit to Bangladesh: Project-Remittances for Community Development (RfCD) in progress
-WARBE and BASUG sign MOU
-Doc Film on “Remittance for Community Development”
-BASUG, TNU & INAFI on TV Talk show on Remittance
-Visit to Bangladeshi NGOs
-Meetings with Netherlands Embassy
-Bangladeshi Girl to Italy on bike
-Day labourers set unique example by setting up free school in Tangail
-BASUG Medical Camp for the Poor
-Tommy Miah - a success story of a Bangladeshi expat