FY24 Q1 Quarterly Report: Economic Inclusion Project

The project aims to improve socioeconomic security for Venezuelan refugees and migrants in Peru and Ecuador, as well as for the members of the local communities they inhabit in the target cities. The project is designed to support the socio-economic inclusion of the migrant and refugee population, as well as local host populations, through entrepreneurship and employment programs. Throughout the first quarter (Q1) of fiscal year 2024 (FY24), EIP continued to encourage the socio-economic inclusion of the migrant and refugee population, as well as local host populations. Through its entrepreneurship and employment programs, this quarter, EIP supported 448 individuals, 91% of whom are Venezuelan, including supporting 142 individuals with the recognition of their professional or technical titles. EIP also continued to strengthen the entrepreneurship ecosystems in Peru and Ecuador through the transfer of methodologies and tools to 13 EIP partner organizations, including NGOs, universities, and government entities. EIP's partner financial entities issued 3,358 loans (including 58% to Venezuelan migrants) for a total of over $3 million. EIP and its partners supported the financial inclusion of 13,652 individuals (27% of whom are Venezuelan migrants) and held financial fairs to connect financial entities, offering products designed to meet the needs of migrants and local populations. Additionally, 2,124 individuals received financial education training this quarter. To support the sustainability of financial inclusion for migrants, in Peru, EIP formed part of an Advisory Commission for Financial Inclusion of Migrants and Refugees, as part of the National Policy for Financial Inclusion. EIP also co-organized the Second International Congress on Financial Inclusion, working with the Superintendency of Banking, Insurance, and Pensions (SBS) and the International Labour Organization (ILO) to share experiences, learnings, and strategies to serve traditionally excluded populations. Throughout all project components, EIP works to address and reduce gender gaps; this quarter, 76% of participants in entrepreneurship and employment programs are women and 55% of financial inclusion beneficiaries are women. Additionally, EIP supported 106 survivors of GBV this quarter, supporting their psychosocial stabilization and encouraging their economic autonomy. The project's impact is evident in the results to date, which include 8,602 entrepreneurs participating in EIP programming, 5,056 individuals participating in EIP employment programming, and 2,682 individuals recognized or revalidated educational and professional credentials. Furthermore, 726 survivors of gender-based violence were supported to establish economic autonomy, and 137,604 individuals accessed savings, credit, and insurance products tailored or adapted to their needs.