IDB calls for tripling microcredit in LatAm – Regional
Monday, September 18, 2006
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.” 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.”
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