The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, is working to encourage the provision of “mobile financial services to underserved populations in remote areas of Latin America and the Caribbean.” Such services allow unbanked people to access financial services through mobile phones and an “agent network to serve as cash-in and cash-out points.” IFC will host a one-day seminar for mobile finance services providers on an undisclosed date to support the project.
The governments of Spain and the Netherlands will participate in the effort through technical assistance providers the Spanish Fund for Latin America and the Caribbean (SFLAC) and the Netherlands-IFC Partnership Program (NIPP), respectively. The government of Luxembourg will also participate in the project, though the nature and extent of the effort has not yet been released [1].
As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.
By Brendan Millan, Research Associate
About International Finance Corporation (IFC): A member of the World Bank Group, IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.
About Spanish Fund for Latin America and the Caribbean: The Spanish Fund for Latin America and the Caribbean (SFLAC) is a trust fund established by the Spanish Ministry of Economy and Finance and the World Bank Group. SFLAC provides support for technical assistance projects in the region, with a major focus on “Access to Finance, Public-Private Partnerships and Sustainable Business Advisory business lines initiatives.” The amount of assets held by the fund is not available.
Netherlands-IFC Partnership Program (NIPP): The Netherlands-IFC Partnership Program (NIPP) was established in 2002 to consolidate Dutch Foreign Affairs-supported advisory programs under one umbrella. The program is a framework agreement with funds slated for the International Finance Corporation’s (IFC) advisory and investment services with a focus on activities in the world’s poorest countries. As of 2011, the Dutch government spends 0.8 percent of GDP, equivalent to approximately USD 6 billion, on development assistance to foreign countries.
Sources and Resources:
[1] International Finance Corporation (IFC): “IFC Brings Mobile Financial Services to Remote Areas of Latin America, the Caribbean.”, http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/6EAECBE8B4148DD7852579CD004D640E
MicroCapital.org Article, March 1, 2012, “International Finance Corporation Gives $15m to National Cooperative of Educators in Costa Rica (Coopenae) for Enterprise Microfinance”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-gives-15m-to-national-cooperative-of-educators-in-costa-rica-coopenae-for-enterprise-microfinance/
MicroCapital.org Article, May 6, 2011, “Spanish Fund for Latin America and The Caribbean (SFLAC), International Finance Corporation (IFC) to Assist Salvadoran Microfinance Institution (MFI) Ahorro y Credito de RL in Developing Savings Product, Building Sustainable Business Plan”, https://www.microcapital.org/microcapital-brief-spanish-fund-for-latin-america-and-the-caribbean-sflac-international-finance-corporation-ifc-to-assist-salvadoran-microfinance-institution-mfi-ahorro-y-credito-amc-de-rl-in/
MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe Profile: Spanish Fund for Latin America and the Caribbean (SFLAC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Spanish+Fund+for+Latin+America+and+the+Caribbean+%28SFLAC%29
MicroCapital Universe Profile: Netherlands-IFC Partnership Program (NIPP), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Netherlands-IFC+Partnership+Program+%28NIPP%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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