Study: Remittance recipients more willing to invest in LatAm – Regional
Friday, September 15, 2006
A growing number of remittance recipients in Latin America and the Caribbean are willing to invest in the region, the Inter-American Development Bank’s (IDB) Multilateral Investment Fund (MIF) said in a study.
The main goals of these migrants are to own a home or establish their own businesses in their countries of origin, but only a third of them have made such investments, mostly in real estate. Five years ago, 95% of the migrants polled said they had no investments in their homelands, the study said.
MIF believes migrants and their families could get more out of their remittances if these transfers passed through the formal financial system. However, most of these transactions flow through non-financial channels.