The Inter-American Development Bank (IDB) has approved a USD 1 billion loan to the Brazilian Development Bank (BNDES), the country’s federal public bank for development. The 20 year loan will go towards financing long-term credit to microenterprises and small and medium-size businesses . It is the third loan of the same size by the IDB made from a USD 3 billion conditional credit line launched in 2004 for BNDES.
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MICROCAPITAL STORY: Peru and other Andean Countries Ranked Best for Microfinance within Latin America and the Caribbean, according to the IDB, CAF and EIU’s Microscope Index.
The Inter-American Development Bank (IDB), Corporación Andina de Fomento (CAF), a Latin American multilateral institution, and the Economist Intelligence Unit (EIU), a specialized information service, have partnered together to report on the conditions of microfinance within Latin America and the Caribbean. The report highlights the results of the EIU-developed Microscope index – a tally of weighted factors relevant to the industry, and was presented at the Microenterprise Forum held in Paraguay this past month.
MICROCAPITAL STORY: Indian MFI Association Sa-Dhan to Host Policy Forum Discussing Expansion of Microfinance in India’s Eastern Provinces, NABARD and SIDBI to Attend
Sa-Dhan, India’s largest association of microfinance institutions recently announced it would host a policy forum bringing together key stakeholders of Indian microfinance to conceptualize an expansion plan for microfinance in India’s eastern provinces. The two-day policy forum, titled “Breaking the vicious cycle of poverty: synergy between micro-finance and livelihood,” will examine the current state of microfinance in eastern India, particularly the states of Orissa and West Bengal, and identify the key challenges that impede regional growth there.
MICROCAPITAL STORY: Inter-American Development Bank (IDB) Multilateral Investment Fund (MIF) to Invest USD 5m in Mexican IGNIA Social Investment Fund in Addition to Previous USD 25m Loan from the IDB’s Opportunities for the Majority Initiative (OM)
The Inter-American Development Bank (IDB) has made a USD 5m equity investment in the IGNIA Social Investment Fund through the Multilateral Investment Fund (MIF) and a USD 205,000 technical cooperation grant. The IGNIA venture capital fund also received a recent USD 25m loan from the IDB’s Opportunities for the Majority Initiative (OM).
MICROCAPITAL STORY: Inter-American Development Bank (IDB) Invests $829,300 in Uruguayan Institute for Economic and Social Development (IPRU) for Microfinance for Youth and Women
The Inter-American Development Bank (IDB) recently announced that funds totaling USD 829,300 will be invested in a project for Uruguayan Institute for Economic and Social Development’s (IPRU) female and youth entrepreneurship in Uruguay’s capital Montevideo and district Saladero de Salto. USD 600,000 of the funds will come directly from IDB and USD 229,300 will come from counterpart financing from Uruguay. The IDB’s contributions will come through its Social Entrepreneurship Program (SEP), which aims to make credit available to the financially excluded. SEP is managed and administered by the IDB’s Multilateral Investment Fund (MIF), which promotes inclusive private sector growth through grants and investments. USD 125,000 will be given in the form of a grant, while USD 200,000 will be given through a seven year loan that includes a two year grace period. The interest rate has not been specified. Finally, USD 275,000 has been allocated for “technical cooperation financing” and is funded directly from the IDB’s Italian Trust for Microenterprise Development.
PRESS RELEASE: Inter-American Development Bank (IDB) to Recognize Leaders at Paraguay Microenterprise Forum, October 2008
Source: Inter-American Development Bank (IDB).
PRESS RELEASE: Développement International Desjardins (DID), Inter-American Development Bank (IDB) to Deploy Four Financial Centres for Entrepreneurs (CFEs) in Latin America, Caribbean
Source: Développement International Desjardins (DID).
MICROCAPITAL EVENT: The Inter-American Development Bank (IDB) Multilateral Investment Fund (MIF) and Women’s World Banking (WWB) to Hold Seminar on Microfinance in Buenos Aires
MICROFINANCE: TOWARDS THE INCLUSION OF ALL
APRIL 22, 2008 HOTEL PANAMERICANO, BUENOS AIRES, ARGENTINA
The Inter-American Development Bank’s Multilateral Investment Fund and Women’s World Banking (WWB), a global network of microfinance institutions, will hold a seminar on commercial banks’ entry into microfinance titled “Microfinance: Towards the Inclusion of All,” on April 22 at the Hotel Panamericano in Buenos Aires, Argentina. The seminar will be held in collaboration with the Latin American Federation of Banks, a non-profit institution of 600 financial institutions from 19 countries for the economic development and integration of Latin American countries.
MICROCAPITAL STORY: At Inter-American Development Bank (IDB) Annual Meeting, Multilateral Investment Fund Manager Donald Terry Predicts Microfinance Lending in Latin America Will Hit $20b by 2012
On Friday, April 4, the Inter-American Development Bank (IDB) opened its five-day annual meeting in Miami. Reuters reported on Saturday, April 5, that Donald Terry, the IADB’s Multilateral Investment Fund (MIF) manager, predicted that microfinance loans in Latin America may hit USD 20 billion by 2012, as compared to USD 8.6 billion last year. He was quoted as saying that as interest rates fall over time, “you’ll find millions of new borrowers in markets like Mexico, Brazil and Argentina.”
PRESS RELEASE: Inter-American Development Bank (IDB) Approves $2.5m Package for Chile’s Credicoop to Expand Rural Microfinance
Source: Inter-American Development Bank (IDB).
MICROCAPITAL STORY: Tell It Like It Is! Transcript of Peter Marchetti, Co-Founder of FDL (Local Development Fund) of Nicaragua, Addressing IDB Conference in Bolivia (in English and Spanish)
In his award speech at the Interamerican Development Bank’s (IDB) Eighth Gathering of Microenterprises in Santa Cruz de la Sierra, Bolivia, on October 6 – October 7, 2005, Peter Marchetti, Co-Founder of FDL (Local Development Fund) of Nicaragua made the following comments (Spanish version below):
It is an honor for me to be here once again, in Bolivia, the capital of microfinance in Latin America. A warm welcome/salute to all of you from Nicaragua and in the name of the FDL. As a Jesuit priest, I salute particularly FONDECO, our sister institution in Santa Cruz. Congratulations to all the professionals of the FDL and of the Institute of Investigation of Nitlapan. In particular, to those who co-founded it with me there is now 15 years, to Arturo Grigsby, and to Carlos Barrios. Also to the second generation of the FDL, to Julio Flores, Eberth Hernandez and Elizabeth Campos, who have worked so hard all these years, and who have contributed to the professionalism of these institutions, and to their roots in so many places all over Nicaragua.
MICROCAPITAL STORY: IDB Makes Donation to Billion Dollar Standard & Poor’s
The Inter-American Development Bank (IDB) will subsidize USD 405,000 of a Standard & Poor’s (S&P) project to develop a globally accepted rating system of microfinance institutions (MFIs). S&P is a rating service and a division of McGraw-Hill Companies. The actual funding will be by the Multilateral Investment Fund (MIF), a fund administered by the IDB to encourage private sector development of micro-enterprise in Latin America and the Caribbean (LAC).
The stated goal and rationale of this project is to increase capital flow to micro-banks. However, with MIF’s public money subsidizing a company with over USD 1 billion in annual profits, such justification is thin. Top micro-banks do not suffer from too little investment, but rather there is now far too much money chasing too few micro-banks. Has the IDB gotten it exactly wrong?
MICROCAPITAL STORY: Multilateral Investment Fund (MIF) of Inter-American Development Bank (IDB) Grants $3.1m for Micro and Small Business Development in Peru, Ecuador
The Multilateral Investment Fund (MIF) of the Inter-American Development Bank, a multilateral financial institution, recently approved grants for two technical cooperation projects in Peru and Ecuador, valued at USD 1.6 million and USD 1.5 million, respectively. In addition, each country will contribute approximately USD 1 million as counterpart financing. Both projects will aim to boost income and employment levels among low-income entrepreneurs, while also incorporating this market segment into private-sector business development.
PRESS RELEASE: Inter-American Development Bank (IDB) Grants $600k to Argentina to Develop Microfinance Industry
Source: Inter-American Development Bank (IDB).
MICROCAPITAL STORY: IDB Grants $1.9m to Development of Microfinance in the Caribbean
The Inter-American Development Bank (IDB), a multilateral finance institution, approved a USD 1.9 million grant through its autonomous Multilateral Investment Fund (MIF). The grant is part of MIF’s Caribbean Microfinance Capacity-Building Project and will benefit the English-speaking Caribbean. This includes Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname, Trinidad & Tobago, and the Organization of the Easter Caribbean states (OECS).
PRESS RELEASE: Inter-American Development Bank (IDB) Grants $1m to Mexican Microfinance Institution FinComun to Help 450,000 Grupo Bimbo Retailers Make More Bread
Source: Inter-American Development Bank (IDB)
NEWS WIRE: USA: International Fund for Agricultural Development (IFAD) and Inter-American Development Bank (IDB) Report $300b in Worldwide Remittances
IFAD, IDB present first global map of remittance flows to developing nations
MICROCAPITAL STORY: Inter-American Development Bank (IDB), Andean Development Corporation (CAF), and Economist Intelligence Unit (EIU) Present “Microscope,” New Index to Compare Microfinance Climates Across Countries
A new index commissioned by multilateral financial institutions Inter-American Development Bank (IADB or IDB) and Andean Development Corporation (Corporación Andina de Fomento or CAF) debuted in El Salvador at the 10th Inter-American Microenterprise Forum (October 3-5). The IDB and CAF commissioned the index, called “Microscopio” or “Microscope,” from the Economist Intelligence Unit (EIU), a specialized service of The Economist that provides country, industry and management analyses. Microscope uses 13 criteria relating to investment climate, regulatory framework and degree of institutional development for microfinance to rate the favorability of conditions in a country for microfinance. The index is designed to allow for comparison between countries and analysis of the strengths and weaknesses of the business climate for microfinance in each country.