Through this program, more than 400 projects<sup>have beencompletedin eight years</sup> in Zacatecas. The total investment made<sup>by migrantson those projectamounts to</sup> around 4.5 million dollars. Of that total,<sup>2.7milliondollars wereinvestedin the</sup> last two years. [World Bank 2002, iii] In the Mexican state of Guanajuato,<sup>the governmenthasspecialofficeto help itsmigrantsform</sup> HTAs _(Casas de Guanajuato)_ and it has<sup>also helped createa numberof small garment factories</sup> _(maquiladoras)_ when $60,000 or more is<sup>first put up by thelocal community[see box on:The</sup> _Mi Comunidad_ Program in the Mexican<sup>state of Guanajuato].</sup> _Box 3. The_ Mi Comunidad _Program_<sup>_in the Mexican state of Guanajuato_</sup> Guanajuato's program "Mi Comunidad"<sup>aims at attractingmigrants'savingsto a business(a maquiladora)</sup> that has also a targeted social impact<sup>in the homecommunity.The membersof a particularHTA, along with</sup> local investors, are stockholders in<sup>that enterpriseandhavea businessmotivation,but at the sametime they</sup> keep a social concern for their hometown<sup>development. This combinationis oneof themost interestingfeatures</sup> of the program....

Maquiladoras in Guanajuato's program<sup>were originallyplannedas joint public-privateventures,withthe</sup> migrants or local investors contributing<sup>half of the capital(from 60to 100thousanddollars) andthe state</sup> government the other half. In the<sup>end thestate government participatedonly as a facilitator, developingthe</sup> business plan, putting up two months of<sup>wagesand training courses for thenewworkersandmaking low-cost</sup> loans available. Other government<sup>officials offered legal,administrativeand technicaladvice,whennecessary.</sup> The program started in 1996 with a promotion<sup>for the establishmentof tenmaquiladorasin seven</sup> municipalities and it was well received and<sup>accepted bymnigrantsfrom Guanajuatoandtheir clubs (Casasde</sup> Guanajuato). Up to June 2000, 12<sup>maquiladorashadbeencompletedand put intooperationand nine morewere</sup> under way. The capital contributed<sup>by the migrantsis estimatedat around2.2million dollars for the 21firms.</sup> The 12 firms in operation employed<sup>around500 people.The Casasparticipatinginthe program have been</sup> mainly from Illinois and California.<sup>[World Bank 2002,19]</sup> Lowell and de la Garza conclude<sup>their study with a number of usefulcautionarynotes.Even</sup> where families and HTAs are focused<sup>on thedevelopmentof poor communities,the financial</sup> institutions who may hold the deposited<sup>funds might have quitedifferentgoals.Thefamiliesof</sup> the migrants may also other desires<sup>and needs (consumptionand health care) that do not</sup> necessarily bode well for local development.<sup>In lightof thedownward multipliereffect,it is not</sup> clear that remittances will always be<sup>stable or increasing.Remittancesarelargely drivenby</sup> _recent_ immigration. As migrants spend<sup>more time in thehost country and adjust, remittances</sup> fall. "As yesterday's new arrivals adjust,<sup>and astoday's numberof newarrivalsfalls, the</sup> combined effect may be that remittances<sup>havepeaked." [Lowell and de laGarza 2000, 24]</sup>

# _Box 4. Family Remittances, Migrants' Capital_<sup>_and Local Development_</sup>

Yuriria and Jerez are two Mexican municipalities<sup>whichhavetraditionallybeenlabor exportersto the</sup> United States. Yuriria, in the state<sup>ofGuanajuato,isamunicipalityof74thousandinhabitants,of arural</sup> nature, with little employment opportunities<sup>andmostlydedicatedtoagricultureandcattleactivities.Only</sup> 21