Peru and Ecuador Economic Inclusion Project (EIP)

Declining economic conditions, and a corrupt and oppressive political regime in Venezuela are the leading causes of a rapid increase in migration. Despite rich natural resources, the economy has been in decline since 2013, leading to hyperinflation, high unemployment, food scarcity and rapidly deteriorating social services. Economists interviewed by the New York Times have called the crisis “the Worst Outside of War in Decades.The UN International Office of Migration estimates that five million individuals have migrated from Venezuela, With an estimated one million Venezuelan refugees and migrants in Peru and over 450,000 in Ecuador. Despite international pressure, the political, social and economic situation in Venezuela continues to decline, leaving migrants no choice but to stay and build a life in their new communities. Not only are Peru and Ecuador forced to address humanitarian needs, but the countries must also now address complex economic challenges including migrants’ legal rights to live and work, ensuring local economic integration, and preventing discrimination, gender-based violence, and xenophobia.Understanding the need for rapid assistance to Peru and Ecuador, WOCCU, with funding from USAID, will implement an ambitious and innovative approach aimed at providing economic opportunities and financial services to assist both the newly arrived Venezuelans and their host communities. Initiated in June 2020, the three-year Economic Inclusion Project aims to support 100,000 Venezuelan migrants and refugees in Peru and Ecuador to achieve socio-economic security.To reach its goal, the Economic Inclusion Project has adapted and implemented entrepreneurship (Objective 1) and employment (Objective 2) training programs targeted at migrants and refugees considered above the level of immediate vulnerability. WOCCU also works with its trusted network of credit union, NGO, and private sector partners to extend new or adapted financial products and services to vulnerable Venezuelans and local populations (Objective 3). In response to the significant impact that gender disparities have on economic independence and stability, EIP has integrated gender inclusion into the three objectives outlined above. Additionally, EIP delivers critical GBV prevention and accompaniment. This approach assists survivors of GBV in accessing the support and assistance necessary to ensure that they are able to participate in EIP activities, promoting the economic autonomy of survivors.