MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) President Urges Commercial Banks in Peru to Focus on Microfinance

President Alberto Moreno of the Inter-American Development Bank (IDB), a multilateral development financial institution, recently expressed satisfaction with the health and growth of the Peruvian financial system, but reiterated the need for extending financial services to the poorest people. According to Mr Moreno, the financial system “should focus on small loans to reach those who don’t have opportunities and their only alternative is to go to a profiteer.”

As of December 2009, 60 microfinance institutions (MFIs) in Peru held a total gross loan portfolio of USD 5.5 billion and served 3 million active borrowers, according to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider.

By Rohan Trivedi, Research Associate

About The Inter-American Development Bank (IDB):
The Inter-American Development Bank (IDB) is a US-based multilateral finance institution established in 1959 that operates in Latin America and the Caribbean. IDB works with governments, companies and nongovernmental organizations (NGOs) to provide both loans and grants to support small and medium-sized enterprises (SMEs), health, education and other sectors. IDB also provides technical assistance and research in these areas. Its Board of Executives is elected by 48 member countries, 26 of which are located in Latin America and the Caribbean. IDB reported total assets of USD 84 billion as of December 31, 2009.

Sources and Additional Resources:

[1] ANDINA: “Peru’s financial system is healthy, IDB says”, http://www.andina.com.pe/Ingles/Noticia.aspx?Id=xl0w6f5KAyI=

MicroCapital.org story, May 16, 2011: “MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) Establishes “Flexible Financing Facility” for Countries in Latin America, Caribbean”, https://www.microcapital.org/microcapital-brief-inter-american-development-bank-idb-establishes-flexible-financing-facility-for-countries-in-latin-america-caribbean/

MicroCapital Universe Profile: Inter-American Development Bank (IDB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Inter-American+Development+Bank+%28IDB%29

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/

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