NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

The Multilateral Investment Fund (MIF), member of the IDB Group, has organized the Foromic since 1998 and held a total of 16 forums. Since 1998, the advancement of microenterprise, and in particular microfinance, has contributed to the development of one of the most successful, fastest growing and efficient mechanisms for the expansion of income generation activities among low income and underserved populations. Experience shows that financially active and empowered MSMEs constitute one of the most effective ways to overcome the challenges of poverty. When Foromic was launched, the region had just 205 microfinance institutions serving 1.5 million clients. Today, partly as a result of the work done by FOMIN, the IDB Group, and other organizations, Latin America has become one of the most highly regarded microfinance sectors in the world, consisting of more than 1,000 institutions, supporting an estimated 20 million clients and providing over $37 billion in loans annually.