Inter-American Development Bank Calls For Tripling Microcredit In Latin America
The Inter-American Development Bank (IDB) has called on the region's financial institutions to triple microcredit operations to US$15bn annually within the next five years.
Microfinance institutions in Latin America currently only serve about 8% of estimated demand, IDB president Luis Alberto Moreno said at the 9th Microenterprise Forum in Quito, Ecuador.
"We all know we still have a long way to go to democratize financial services," he said, according to an IDB statement. "In reality, most people (in the region) do not have access to formal financial services."
IDB will try to incorporate into the formal financial system families that receive money transfers from Latin Americans living abroad. Only 10% of people who receive remittances have access to savings accounts and other financial services, he said in the statement.
The bank will also support various financing mechanisms for small farmers in Latin America.
Microcredit operations in the region reached US$5bn last year, the statement said.
Source: Business News Americas
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