The announcement was made by José Zapata, the general manager of the Association for Microfinance Institutions, an institution that is made up of 12 co-operative banks and 10 EDPYMES.
Zapata explained that the program was being established to allow those that receive remittances to be able to use the funds to establish a business that will produce for them. It is hoped that the program will convert remittances into a business that can make money.
"What is being sought is that remittances be used as an aid so that those who receive them will be able to develop micro-projects and not just consume the money, which is what is generally done", explained Zapata.
It was reported that an agreement was signed with the Chancellory in November and the project is now in its implementation stage.
Zapata stated that the program was a way for Peruvians that receive money from abroad to use it to establish a business and contribute to the country’s economy, making them less parasitic.
It was reported that companies such as Jet Peru, Western Union and other such companies were also taking part in the project because they could verify that the person seeking the loan was indeed receiving funds from abroad.