Over 70,000 Livelihoods Strengthened Through World Council IEP Efforts in Peru and Ecuador | 2022-06-01

The U.S. Agency for International Development (USAID) and the World Council of Credit Unions brought partners together virtually for the sixth quarterly meeting of the Economic Inclusion Project (EIP) on May 20. Stakeholders presented data showing how successful EIP staff have been in generating better opportunities for the Venezuelan migrant and refugee population and vulnerable local communities in Peru and Ecuador.

“We have found that without financial education and access to formal financial services for vulnerable populations, efforts to boost entrepreneurship, promote employability and prevent gender-based violence are not truly sustainable,” said Jene Thomas, Director of USAID mission in Peru. “That is why, thanks to our 14 partners (financial institutions) in Peru and Ecuador, we have helped 71,272 beneficiaries to access savings and credit services and succeeded, for the first time, in providing citizens Venezuelans access to loans. »

5,624 Venezuelan, Peruvian and Ecuadorian entrepreneurs benefited from programs aimed at consolidating their businesses in collaboration with EIP partners. The data shows progress in access to savings, credit services and entrepreneurship opportunities for Venezuelans.

“For me, it is a great satisfaction to finish repaying my third loan and to be able to apply for another one for the fourth time, with a vision of a future greater than the one we had a year ago, showing that we can grow as businesses, that we can be recognized as a stable business and, above all, to develop our credit history so that many more doors open for us,” said Deisy Arbelay, a Venezuelan entrepreneur and beneficiary of financial services provided by MF Prisma Credit Union.

EIP has trained 8,387 beneficiaries through its financial education program and trained employees of partner financial institutions in the program methodology, so that they can continue to provide financial education to more people at home. coming.

65% of EIP participants are women, many of whom are in vulnerable situations. The EIP develops a gender-based violence prevention strategy, to help achieve economic autonomy in order to reduce the recurrence of situations of violence.

“To continue… I think that is the biggest challenge. To continue this project that has definitely transformed the lives of so many people here in Lima, and I know it is happening the same way in Ecuador. To continue in a planned way will allow more financial institutions to join what is already an irresistible movement of institutions that believe Venezuelan migration can have a positive impact on host communities,” said Oscar Pérez, President of Unión Venezolana in Peru.

The EIP will continue until June 2023.

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