We’re excited to announce our new Challenge Fund partnership with Global IME Bank along with Remit-Aid and IME Remit. The goal of this new partnership is to bring a dedicated funding/credit line, enabled through investments by global social impact investors seeking modest yields and impact data, targeted towards migrants and their households whose incomes continue to be affected by the COVID-19 pandemic. Through this partnership, funds will be raised from the global capital markets with the issuance of Remittances Advance Bond (RAB) and disbursed to the families through a digital platform which both the migrant and their households have signed onto.
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New Partnership with IME and Remit Aid
This partnership will provide a unique solution by connecting global social impact investors to migrant workers by supporting the flow of much-needed remittances back home—offering financial stability and predictability in the post COVID-19 environment. Overall, 5,600 migrants and migrant households are poised to benefit from loan against remittance, disbursed to the migrant households in Province 2 and Lumbini Province, and repaid by the migrants working in the Malaysia corridor. Migrants can apply for the emergency loan as a safety against future disruptions or as a temporary buffer against pandemic related supply-demand disruptions.
This partnership will leverage Artificial Intelligence technology with a credit scoring algorithm to help diagnose financial health assessments of potential borrowers for new tailored financial product offerings—making the platform unique and the first of its kind in Nepal. Finally, through such partnerships, we are also expediting social impact investments inflows into the country-thereby paving the way for increased number of similar capital flows to other priority programmes of FCDO as well as other donors.
Interested in UKaid सीप’s Challenge Fund mechanism? Learn more.