Economic Resource Center for Migrants and Overseas Employees
Economic Resource Center for Migrants and Overseas Employees
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About ERCMOVE

Introduction

Remittances of migrants and overseas workers have tremendously increased over the years. This has led some economists to consider remittances as the developing world’s most reliable and broadly based source of financing – in effect, a new form of foreign aid. Until now, foreign direct investment is largest for most developing countries but tends to fluctuate with factors such as global economic swings, internal as well as international conflicts, and health pandemics. This has resulted in remittances now dwarfing the amount of official development assistance that poor countries receive. These revenue streams help alleviate poverty, spur investment, and cushion the impact of worldwide recession when private capital and foreign aid are exhausted.

Links between migration and poverty as well as improvements in living conditions brought about by remittances are clear. In most cases, conscious efforts to direct the negative consequences of migration to the positive side through microfinance have proven to be successful. This is done by engaging migrants and overseas employees in microfinance in host and home countries. The Economic Resource Center for Migrants and Overseas Employees Foundation (ERCMOVE) Foundation believes and proposes to actively turn this into a reality.

With the number of migrants worldwide now reaching almost 200 million, their productivity and earnings are a powerful force for poverty reduction. Remittances, in particular, are an important way out of extreme poverty for a large number of people. The challenge facing policymakers is to fully achieve the potential economic benefits of migration, while managing the associated social and political implications.

François Bourguignon
Former Chief Economist (2003-2007),
The World Bank

Mission

ERCMOVE advocates harnessing the development potential of migration by providing the means to foster the social integration and economic empowerment of migrants and overseas workers in the Netherlands that will enable them to contribute to the sustainable development of local communities in the Netherlands and in their countries of origin.

Goals

ERCMOVE aims to conduct financial literacy, gender-sensitive advocacy, education, and networking campaigns to achieve the sustainable development of local economies of migrants’ countries of origin in partnership with migrants, overseas workers, Dutch organisations, the government, and the private sector in the Netherlands.

Objectives

  1. To conduct financial literacy seminars focused on microentrepreneurship, microsavings and microinvestments.
  2. To advocate for gender-responsive laws, policies, programs, and projects spurred by migrants’ and overseas workers’ revenue streams.
  3. To provide learning opportunities to various stakeholders in harnessing the potential of the savings and investments of migrants and overseas workers in the development of local economies and their families as well.

Strategies

ERCMOVE’s strategic priorities are: advocating gender-sensitive and gender-responsive savings mobilisation and investments, linking initiatives, and forming partnerships.

Advocacy on microsavings, and microinvestment mobilisation

  • Advocate pooled microsavings and microinvestments in the Netherlands through associations or groups
  • Facilitate remittances through the formal banking system

Linked initiatives (host country and country of origin)

  • Link with microfinance groups in the country of origin where local jobs would be created
  • Identify organisations in the Netherlands which maintains linkages to socioeconomic projects in the countries of origin
  • Provide information needed to improve relationships such as information on pool of experts, technology, and alternative financing schemes

Network and partnerships for local economic development

  • Enter into partnership with organisations in the Netherlands, international organisations, and organisations in migrants and overseas workers in countries of origin that provide reliable information on projects where mobilised savings can be invested.
  • Network with migrants who can share in their countries of origin their expertise in the field of social and economic development, functional democracy, efficient and effective governance, and sustainable development.