MICROCAPITAL BRIEF: Multilateral Investment Fund (MIF) Donates $150k to Caribbean Information & Credit Rating Services (CariCRIS) of Trinidad and Tobago to Support Small, Medium-sized Enterprises (SMEs)

The Multilateral Investment Fund (MIF), a member of the US-based Inter-American Development Bank, has approved a grant of USD 150,000 to the Caribbean Information & Credit Rating Services (CariCRIS) of Trinidad and Tobago to provide services including the creation of credit ratings for 60 small and medium-sized enterprises (SMEs) in the Caribbean. Additionally, CariCRIS is to work with four unnamed commercial banks to incorporate its credit ratings into the banks’ loan appraisal processes. The project seeks to broaden the use of risk ratings in Caribbean SME lending, with the goal of facilitating creditworthy SMEs’ access to diversified financial products.

CariCRIS was established in 2004 and operates in the Caribbean region. As of 2013, CariCRIS reports assets of USD 1.1 million.

Since its inception in 1993, MIF reports having approved 1,600 projects in 19 countries, disbursing approximately USD 100 million per year in grants, equity and loans. As of December 2012, Inter-American Development Bank reported total assets of USD 92 billion.

By Meraj Husain, Research Associate

About Multilateral Investment Fund (MIF)

The Multilateral Investment Fund (MIF) is an autonomous fund that was founded in 1993 by the US-based Inter-American Development Bank (IDB). Now a member of the IDB Group, MIF has 39 donating member countries from the Americas, Asia and Europe. Since its inception, MIF reports having approved 1,600 projects in 19 countries, disbursing approximately USD 100 million per year in grants, equity investments and loans.

About Inter-American Development Bank (IDB)

The Inter-American Development Bank (IDB) is a US-based multilateral finance institution that was established in 1959 and 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 is headquartered in Washington, DC, with offices also in Japan, France and all 26 member countries in Latin America and the Caribbean. As of December 2012, IDB reported total assets of USD 92 billion.

Sources and Additional Resources

[1] Fomin: “Increasing Financing for Caribbean SMEs with Credit Ratings,” http://www.fomin.org/HOME/News/PressReleases/tabid/467/ArtMID/3819/ArticleID/1067/language/en-US/Default.aspx

MicroCapital, March 25, 2014, “Entrepreneurial Finance Lab Offers Microfinance Institutions (MFIs) Credit Scores for Micro-, Small Enterprises (MSEs) Based on Psychometric Tests,” https://www.microcapital.org/microcapital-brief-entrepreneurial-finance-lab-offers-microfinance-institutions-mfis-credit-scores-for-micro-small-enterprises-mses-based-on-psychometric-tests/

MicroCapital, February 25, 2014, “Inter-American Development Bank (IDB), MasterCard Partner to Support Financial Inclusion Transparency in Latin America, Caribbean,” https://www.microcapital.org/microcapital-brief-inter-american-development-bank-idb-mastercard-partner-to-support-financial-inclusion-transparency-in-latin-america-caribbean/

MicroCapital, May 1, 2013, “Multilateral Investment Fund to Invest $5.8m in Equity in Nxtp Labs of Argentina to Support Technology Start-ups in Latin America,” https://www.microcapital.org/microcapital-brief-multilateral-investment-fund-to-invest-5-8-million-in-equity-in-nxtp-labs-of-argentina-to-support-technology-start-ups-in-latin-america/

MicroCapital, April 15, 2013, “China Microfinance Institution Association (CMIA) to Introduce Credit Rating System for Microfinance Institutions As Early As July 2013,” https://www.microcapital.org/microcapital-brief-china-microfinance-institution-association-cmia-to-introduce-credit-rating-system-for-microfinance-institutions-as-early-as-july-2013/

MicroCapital, February 22, 2013, “Multilateral Investment Fund (MIF) to Invest $2.5m in Equity in Microfinance Institution Fondesa of the Dominican Republic as it Seeks to Become a Regulated Entity,” https://www.microcapital.org/microcapital-brief-multilateral-investment-fund-mif-to-invest-2-5m-in-equity-in-microfinance-institution-fondesa-of-the-dominican-republic-as-it-seeks-to-become-a-regulated-entity/

MicroCapital, December 18, 2012, “Inter-American Development Bank to Allow Public to Select Programs Seeking to Improve Financial Inclusion for People with Disabilities in Latin America and the Caribbean,” https://www.microcapital.org/microcapital-brief-inter-american-development-bank-to-allow-public-to-select-programs-seeking-to-improve-financial-inclusion-for-people-with-disabilities-in-latin-america-and-the-caribbean/

MicroCapital Universe Profile: Multilateral Investment Fund (MIF)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Multilateral+Investment+Fund+%28MIF%29

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

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