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Manos Unidas Begins Second Phase
El Diario de Hoy
March 16, 2005
Translation by PADF
Initiative. Banco Agrícola foments education projects based on remittances.
Yesterday, Banco Agrícola launched the second call for proposals for Salvadoran communities abroad to present viable educational projects that can be developed in their communities of origin.
The proposals presented will participate in a type of contest for funds, in which a project selection committee will be formed who will guarantee that only those projects that will have a significant impact, whose cost ranges from $5,000 to $20,000, and that the counterpart guarantees its completion, are implemented.
To finance these projects, Banco Agrícola will contribute 20 cents from the commission it receives on each remittance transfer, with which it hopes to contribute a total of $150,000. In the same way, the compatriots abroad will donate $50,000, and the Pan American Development Foundation (PADF) another $35,000.
The initiative is part of Program Manos Unidos por El Salvador, an agreement between the bank and the foundation which was signed last year, when $180,000 were brought together to complete six projects.
These included a computer center in the community of El Piche (La Unión), classrooms and an English lab in San Vicente, the construction of classrooms in El Chiquirín, a mobile vocational academy in Cacaopera in San Francisco Gotera (Morazán), and an environmental lab and a tree nursery in Chinameca.
Ernesto Magaña, director of businesses abroad for Banco Agrícola, pointed out that from March 15 to May 15, they will be accepting proposals.
From that date to June 30th, the selection committee will choose the winning designs, and from July to December, the implementation will begin.
Amy Coughenour, from PADF, on the phone from Washington, revealed that the role of the Foundation is to receive the proposals, form the selection teams, evaluate results, and provide technical assistance.
Magaña indicated that the bank receives 65,000 to 70,000 remittances a month which makes up an average of $12 million.
Participation
In general, last year Banco Agrícola captured 14% of the remittance market in El Salvador, equivalent to 650,000 transactions for a total value that exceeded $400 million.
Ernesto Girón, local PADF representative, mentioned that the funds provided by the foundation come mainly from USAID, private business, and government donations, among others.
Joaquín Rivera, director of communications, pointed out that Manos Unidas is part of the corporate social responsibility program developed by the institution, through which communities with the greatest need are supported.
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