San José – This week (12/12) the International Organization for Migration (IOM) and the Development Banking System (SBD), agreed to create the Guarantee Fund for migrants in Costa Rica, which will adequately cover loan guarantees and other requirements requested by banking institutions. Migrants regularizing their situation generally face challenges when trying to access loans and banking products.   

The initiative is promoted by the private sector and their contributions will be multiplied by five thanks to the contribution of SBD. Around 25 credit operations for migrants will be granted initially. 

Additionally, IOM Costa Rica officially launched the Business, Migration and Prosperity Program (EMPRO, by its initials in Spanish), which will provide, facilitate and certify companies that offer ethical working conditions for their migrant workers, reducing the risk of labor exploitation in their operations and supply chains.  

EMPRO will focus on four lines of work: legal training for employers on the protection of migrants; orientation for labor migrants before and after their journeys; mapping of the supply chain; and the certification of an Integrity System for International Recruitment for human resources staff. 

“IOM promotes a safe, orderly and dignified migration for the benefit of all, which is reflected in this program by opening a space for young migrants with professional training and work experience, as well as entrepreneurs, to be candidates for the microloans," said Roeland de Wilde, IOM's Chief of Mission in Costa Rica. 

More than 70 persons from various sectors attended the launch of these programs, including Vencr, a civil association that ensures the insertion of migrants in Costa Rica, State ministers, private sector, and ambassadors, among many others. 

Both the Guarantee Fund and EMPRO have the support of the Ministry of Labor and Social Security, the General Directorate of Migration and Aliens (DGME for its acronym in Spanish), and various business chambers in Costa Rica. 

For more information, please contact Francisco Furlani at OIM Costa Rica, Tel: +506 2212 5300, Email ffurlani@iom.int