The Inter-American Development Bank (IDB), a US-based multilateral financial institution, the Multilateral Investment Fund (MIF), an autonomous fund administered by IDB, and the CAF Development Bank of Latin America, a multilateral financial institution formerly known as the Corporacion Andino de Fomento, have released a call for project proposals for the Technologies for Financial Inclusion Program. The program aims to test and implement technologies to improve financial services for microenterprises and low-income households in Latin America and the Caribbean. The organizations invite technological service providers, nongovernmental organizations (NGOs) and others to submit ideas for projects that facilitate this goal. Projects should be intended to develop, integrate and implement technology solutions that: (1) provide a variety of financial services and products to rural or underserved populations; (2) offer new financial services and products or expand services to customers who cannot be served by existing technology; and (3) increase efficiency, reduce costs and improve financial and operating systems. Projects that are selected can receive up to USD 300,000 for implementation.
Applications may be submitted as three-minute videos to http://www.tec-in.org by July 4, 2012. For more information you may contact tec-in[at]iadb.org or call 202-623-1555.
By Charlotte Newman, Research Associate
About Inter-American Development Bank
The Inter-American Development Bank (IDB) is a US-based multilateral finance institution that was established in 1959 and operates in Latin America and the Caribbean. IDB works with governments, companies and nongovernmental organizations (NGOs) to provide both loans and grants to support small and medium-sized enterprises (SMEs), health, education and other sectors. IDB also provides technical assistance and research in these areas. Its Board of Executives is elected by 48 member countries, 26 of which are located in Latin America and the Caribbean. As of 2011, IDB reported total assets of USD 89 billion. The IDB is headquartered in Washington, DC, with offices also in Japan, France and all 26 member countries in Latin America and the Caribbean.
About Multilateral Investment Fund
Multilateral Investment Fund (MIF) is an autonomous fund that was founded in 1993 by the Inter-American Development Bank (IDB). Now a member of the IDB Group, MIF has 39 donating member countries from Latin America, the Caribbean, North America, Europe and Asia. MIF reported having approved 102 projects and committed USD 116 million for new projects in 2010. The level of assets held by MIF is not available.
About Andean Development Corporation
CAF Development Bank, formerly known as the Corporacion Andino de Fomento, is a multilateral financial institution owned by 16 shareholder countries and 14 private banks in Latin America and the Caribbean, as well as Spain and Portugal. Established in 1970 in Caracas, Venezuela, CAF provides loans for purposes such as microfinance, infrastructure and health in Latin America and the Caribbean. It also provides financial advisory services and technical services. CAF reported total assets of USD 21.5 million as of December 31, 2011.
Sources and Additional Resources:
Inter-American Development Bank: “MIF + IDB + CAF Call for Proposals Technologies for Financial Inclusion Program,” http://www.iadb.org/en/news/announcements/2012-06-04/mifidbcaf-call-for-proposals-for-financial-services,10013.html
Technologies for Financial Inclusion: “How the Program Works,” http://www.tec-in.org/en/content/how-program-works
MicroCapital.org story, June 1, 2012, “MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) Approves $10m Loan to Nicaragua’s Banco de Finanzas for Rent-to-Own Housing,” https://www.microcapital.org/microcapital-brief-inter-american-development-bank-idb-approves-10m-loan-to-nicaraguas-banco-de-finanzas-for-rent-to-own-housing/
MicroCapital.org story, May 10, 2011, “MICROCAPITAL BRIEF: Inter-American Development Bank (IDB), Multilateral Investment Fund (MIF), Andean Development Corporation (CAF), Global System for Mobile Communications Association (GSMA) Call for Proposals for ‘Technologies for Financial Inclusion Program,’” https://www.microcapital.org/microcapital-brief-inter-american-development-bank-idb-multilateral-investment-fund-mif-andean-development-corporation-caf-global-system-for-mobile-communications-association-gsma-call-for/
MicroCapital Universe Profile: Inter-American Development Bank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Inter-American+Development+Bank+%28IDB%29
MicroCapital Universe Profile: Multilateral Investment Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Multilateral+Investment+Fund+%28MIF%29
MicroCapital Universe Profile: Corporacion Andina de Fomento
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Corporaci%C3%B3n+Andina+de+Fomento+%28CAF%29
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