new program helps harness the development potential of remittances sent to Latin America.
BY MIMI WHITEFIELD
MWHITEFIELD@MIAMIHERALD.COM
Billions of dollars in remittances flow to the families of U.S. workers in Latin America annually and pay for everything from putting food on the table to buying cement blocks to build homes.
But under a new program launched by the U.S. government, the Inter-American Development Bank and banks in Central America, some of that money will be used to spur development in the region.
Consider: In 2009, $50 billion in remittances were sent from the United States to Latin America and the Caribbean. That's five times the amount of development assistance pledged to the region.
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