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Brazilian Expats Send US$ 6.4 Bi Home, Same as Soybean Exports

The Inter-American Development Bank (IADB) wants to encourage people who receive money from relatives who live abroad to make investments and help create jobs in their own countries.

According to the IADB’s data, Latin America and the Caribbean received a record total of US$ 53.6 billion in 2005, 17% more than in 2004. The money was sent by Latin American emigrants who mostly work in the United States, Japan, Portugal, and England.

The figures were made public, in Belo Horizonte, last month, in the Brazilian Southeast, during a seminar on remittances and microcredit and the impact of the Latin American banking industry, during the IADB’s 47th Annual Meeting in that city.

Brazil appears second in the ranking of Latin American countries that receive the most foreign remittances. In 2005, Brazilians working abroad sent US$ 6.4 billion home, 14% more than in 2004. This sum is equal to the revenues generated by last year’s soybean exports.

Mexico continued in first place, with more than US$ 20 billion in remittances in 2005. For the coordinator of the IADB’s remittances program, Pedro Vasconcelos, these statistics will help in the preparation of policies to propel the economies of the foreign workers’ countries of origin.

The idea, he explained, is for banks to provide incentives, such as savings accounts and credit lines for micro-firms, in exchange for receiving deposits.

Through the Multilateral Investment Fund, the IADB will give backing to a Brazilian Federal Savings Bank program, in conjunction with the SEBRAE (Brazilian Micro and Small Firm Support Service), to stimulate savings accounts using remittances received from abroad.

Agência Brasil

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  • Show Comments (8)

  • brian strachan

    Mr
    I’m a Gringo, and I have a Brasileiro shine my shoes every morning. He does a very good job too.

  • Guest

    there are MANY brazilian, cuban, mexican RICH people in the U.S., and they certainly didn’t “arrive” that way. Ever been to Miami??

  • Guest

    WTF only fudidos are expats. I have never seen a smart guy leave this beautiful land to become a gringo’s shoeshiner in the World Trade Center

  • Guest

    My shoes are muddy and my back is wet, but I made it to LA and now i’m set.

    Food lines long but I dont care, I go to front dispite their stares.

    Need a car I no buy, I take one cause the price is high.

    I sleep in bushes and abandoned cars, while Americans rot behind armed bars.

    Right wing zealots scream a lot, say people like me create have nots.

    I’ts not business or concern, you right wing bigots need to burn.

    I just take back what you stole, while your ancestors were prospecting for gold.

    Your future is a taco shop, burritos until your assholes pop.

    Mexico is stupid place, just like white man just in case, you think I let you send me back, I make you have a heart attack.

  • Guest

    I come to America, get treated regal
    So I stay, who care, I illegal

    I cross the border,poor and broke, take bus
    see customs bloke

    Nice man treat me good in here
    say I need to see welfare

    Welfare say, you come no more
    we send cash right to your door

    Welfare checks, they make you wealthy
    medicade it keep you healthy

    By and by I get plenty of money
    Thanks to you American working dummies

    Write to friends in mother land
    tell them come, as fast as you can

    They come here, we live together
    more welfare checks, it gets better
    fourteen families moving in.

    They come in rags, chebby trucks
    buy house with welfare bucks

    We have a hobby, it’s called breeding
    Welfare pay for baby feeding

    Kids need dentist, Wife need pills
    We get free, we got no bills

    American crazy! he pay all year,
    To keep welfare running for us all year

    We think America darn good place
    Too darn good for the white man race

    If they no like us, they can go,
    Got lots of room in Mexico

  • Guest

    Did you catch sight of the illegals protesting legislation that might put a stop to their good thing!

    There is no way they would let Americans do this in their country!

    Wake up Americans!

  • Guest

    Yeah I have to agree with that. Imagine if Americans were sending 6 billion out of Brazil. . . I would love to see Mexican immigrants turn south and start making their way to Brazil to take jobs.

  • Guest

    fucking hilarious when you hear ANY latino bitching about America!

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