PRESS RELEASE: UN’s International Fund for Agricultural Development (IFAD) Seeks Innovative Remittance Proposals to Compete for $13m

Source: International Fund for Agricultural Development (IFAD).

Original press release available here.

The International Fund for Agricultural Development, a specialized agency of the United Nations, in partnership with the European Commission; the Inter-American Development Bank; the Consultative Group to Assist the Poor; the Government of Luxembourg; the Ministry of Foreign Affairs and Cooperation, Spain; and the United Nations Capital Development Fund, is pleased to announce the Financing Facility for Remittances (FFR) 2008 call for proposals on: Promoting innovative remittance systems and investment channels for migrants

The FFR, a USD 13 million multi-donor facility, aims to reduce rural poverty and promote development. The facility will increase economic opportunities for the rural poor through support and development of innovative, cost-effective and easily accessible international or domestic remittance services, with or within countries in Africa, Asia, Europe, Latin America and the Caribbean (LAC) and the Near East.

The objectives of the 2008 call for proposals are to:

* 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 FFR will promote strategic partnerships linking non-profit organizations with formal financial intermediaries, money transfer operators, microfinance institutions, financial cooperatives, non-financial institutions, postal networks and philanthropic organizations, among others.

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.

Proposals from eligible applicants will be evaluated on the basis of the (i) relevance of project to target area and potential strategic partnerships vis-à-vis FFR standards; (ii) quality of the project and the proposed intervention activities; (iii) impact and degree of innovation of the project proposal; and (iv) applicant’s administrative and financial and management.

* Deadline for application of concept proposals: 30 May 2008
* Finalist pre-selection and request for full proposals: 11 July 2008
* Deadline for submission of full proposals: 8 August 2008
* Selection of finalists: 16 September 2008

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