Jorge Rivas

TIGRA Wins Reinvestment of Immigrants’ Remittances

Yesterday, Transnational Institute for Grassroots Research and Action (TIGRA) announced an agreement with Dallas-based money transfer company, Virtual Money Inc., that will lead to new standards for the industry.

The agreement guarantees: (1) fair prices of at least 20% lower than the norm set by industry leaders like Western Union and MoneyGram; (2) adoption of socially-responsible screens on investments to ensure that resources do not foster further displacement of communities; (3) a customer service framework that values transparency, respect and non-discrimination; and (4) a commitment to genuine community reinvestment that allocates up to 10% of its pre-tax profits to sustainable development projects identified by local communities.

TIGRA’s director, Francis Calpotura says, “Today signals a new day for immigrants and their families around the world. A company has stepped up to say ‘We understand your aspirations. We are committed to your communities.’ and is willing to back this up with their money.”

Photos by Jorge Rivas

Posted at 9:56 AM, May 07, 2008 in Economy | Permalink | View Comments