Fundación BBVA Microfinanzas (BBVA Microfinance Foundation), a Spanish nonprofit with operations in six western hemisphere countries, and Autoridad de la Micro, Pequeña y Mediana Empresa (AMPYME), an institution of the Republic of Panama, have signed a public-private alliance to jointly manage microfinance in Panama. The agreement covers the creation of new financial products and services for micro- and small enterprises and the development of training programs in areas such as good governance, transparency and financial education.
Manuel del Río Piovich, president of BBVA Microfinance Foundation, said “this public-private alliance originates in both parties sharing a same goal: to properly develop the market of Productive Finances in Panama, in order to grant more opportunities to the less-favoured population, so that they can initiate activities and improve the living standards of themselves and their families in a sustainable way.”
No budget has been released for the effort.
By Kristha Abores, Research Associate
About Autoridad de la Micro, Pequeña y Mediana Empresa Promote Microfinance (AMPYME):
Autoridad de la Micro, Pequeña y Mediana Empresa Promote Microfinance (AMPYME), an institution of the Republic of Panama, promotes the development of micro-, small and medium-sized enterprises by implementing national policy to stimulate and strengthen the sector. It seeks to contribute to the economic growth of the country by creating productive employment and a more even distribution of income nationwide.
About Fundación BBVA Microfinanzas (BBVA Microfinance Foundation):
Fundación BBVA Microfinanzas (BBVA Microfinance Foundation) is a Spanish nonprofit organization that was created in May 2007 by BBVA, a Spanish bank that reported total assets of EUR 552 billion (USD 710 billion) as of December 31, 2010. The goal of the foundation is to boost the economic and social development of disadvantaged people through access to productive microfinance. Fundación BBVA Microfinanzas is also building a network of microfinance instutions, which consists of eight microfinance institutions (MFIs) from Colombia, Peru, Argentina, Chile, Puerto Rico and Panama as of December 2011.
Sources and Additional Resources
[1] “BBVAMF and AMPYME sign first public-private alliance to manage microfinance in Panama,” http://www.mfbbva.org/english/prensa/historic-news/archive/2011//article/91/132.html?no_cache=1&cHash=628453a8a7
MicroCapital.org article, August 5, 2011, “MICROCAPITAL BRIEF: Fundación BBVA Microfinanzas to Rebrand Chilean Microfinance Institution Servicios Microfinancieros Credicoop as Emprende Microfinanzas,” https://www.microcapital.org/microcapital-brief-fundacion-bbva-microfinanzas-to-rebrand-chilean-microfinance-institution-servicios-microfinancieros-credicoop-as-emprende-microfinanzas/
MicroCapital.org article, August 26, 2011, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Loan $50m to Panama’s Banco General to Support Expansion of Mortgage Lending to Low-Income Households,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-to-loan-50m-to-panama%E2%80%99s-banco-general-to-support-expansion-of-mortgage-lending-to-low-income-households/
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