PLOUTOS project – “Cooperation for achieving third country nationals’ financial independence through financial literacy tools and entrepreneurship bootcamps”

Many refugees and migrants have no access to banks and other financial services, in this sense, the enormous hurdle on their way to self-reliance and economic independence will be addressed. Furthermore, third country nationals often lack confidence and motivation for self-employment.

The PLOUTOS project – “Cooperation for achieving third country nationals’ financial independence through financial literacy tools and entrepreneurship bootcamps” - addresses these challenges. The aim of PLOUTOS is to improve third country nationals’ access to financial services via:
          - a course on financial literacy and sustainability supported by a relevant language course;
          - a course on community interpreting offered to people already offering this service without having had any professional training (including migrants residing in the host country for more than 3 years, second generation, employees of financial service providers and NGOs);
          - practice business programme enabling practical training of third country nationals in applying their financial literacy skills on the job;
          - multilingual technical tools offering migrants with business training & access to microfinance in any EU country through the 96 members of the European Microfinance Network, lifting cultural and administrative burdens.

The multi-stakeholder consortium of 11 project partners from 7 EU member states (SE,CY,GR,IT,BE,HR,BG) includes 2 universities, 2 SMEs, 1 banking & 1 microfinance associations, 1 pubic authority representative and 4 NGOs. Sofia Development Association is a project partner, while the lead consortium partner is the Swedish research institution Hogskolan I Halmstad. The project duration is 3 years – from November 2021 to October 2024.

PLOUTOS will impact the local communities by providing third country nationals with a new skillset as well as it will reduce the fear and instability that comes as a result of their dependence on the surrounding society.

The project partners will develop financial literacy educational materials, an acceleration practice business programme and a financial tool that could be scaled up and broadly replicated.

This project is funded by the European Union’s Asylum, Migration and Integration Fund.