Venezuelan youths participating in Economic Inclusion Project earn nearly four times more than peers
Study on the integration of migrants and refugees in Peru and Ecuador also shows Venezuelan women earning more than those not enrolled in EIP
MADISON, WI (September 26, 2024) — Young Venezuelan refugee and migrant adults are seeing greater financial benefits than any other age group participating in the USAID/WOCCU Economic Inclusion Project (EIP), according to results from EIP’s Study on the Integration of Venezuelan Migrants and Refugees in Peru and Ecuador.
The study found that while all program beneficiaries saw higher levels of income than non-EIP participants in Peru and Ecuador, Venezuelan adults aged 18 to 29 are earning $487 per month—nearly four times more than their Venezuelan peers not enrolled in the program.
Venezuelan participants aged 30 to 59 are earning just over $390 per month. Overall, EIP participants average $399 in income, compared to just $182 for Venezuelan refugees and migrants not enrolled in the program.
“What we are seeing is that young people are taking more advantage of all the opportunities EIP has to offer, including degree revalidation, job skills training and entrepreneurship programs, and enrollment in formal financial services,” said Oscar Guzman, EIP’s Chief of Party, who presented the results during a Wednesday webinar.
Women getting ahead through EIP
With women comprising 76% of the program’s beneficiaries, the results show they are benefiting as well, earning $364 per month versus just $150 for Venezuelan women outside the program. That increased level of pay for women exceeds what men outside of the program are earning and reduces the gender income gap in Peru and Ecuador by 16%.
“One of the reasons we focused on assisting women originally was due to the structural challenges they faced in acquiring job training and launching entrepreneurial projects. EIP will continue to make further strides to level the playing field for women moving forward,” said Guzman.
“It is important to recognize that actions such as facilitating access to financial services are essential for migrants to have a stable process of economic and social integration in the host country,” said Danielle Spinard, Director of the Regional Migration and Health Office for USAID Peru, who also spoke on Wednesday’s webinar.
You can read the entire study, in Spanish, by clicking here.
Originally launched in 2020 and renewed by USAID for three more years in 2023, the Economic Inclusion Project has assisted more than 160,000 Venezuelan migrants, refugees and local residents to improve living conditions for themselves and their families in a sustainable manner, helping them achieve integration into their host countries.
Oscar Guzman presents results of the Economic Integration Study
Danielle Spinard speaking at an EIP event in 2023
Danielle Spinard speaking at an EIP event in 2023
About World Council of Credit Unions
World Council of Credit Unions (WOCCU) is the apex association for credit unions and other global financial cooperatives. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
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