The Indian Diaspora Investment Initiative: Leveraging Remittances for Development

By Simone Schenkel

President Barack Obama and Indian Prime Minister Narendra Modi greet attendees of the U.S.-India CEO Forum  in New Delhi, India. Photo Courtesy of the White House Photo via Pete Souza.

In a recent trip to India, President Obama announced the creation of the Indian Diaspora Investment Initiative, a U.S. Agency for International Development (USAID) and Calvert Foundation partnership that allows Indian-Americans to use would-be remittances to support key sectors such as financial inclusion, health, education, and agriculture.

While remittances have long been viewed as critical to supporting low-income countries, most funds are transmitted directly to households rather than to community resources. Through this public-private partnership, investors large and small will be able purchase Community Investment Notes later this year through the Calvert Foundation to fund a variety of social enterprise projects. Continue reading