The Multilateral Investment Fund (MIF), a member of the US-based Inter-American Development Bank (IDB) Group, has partnered with the Nordic Development Fund (NDF), a Finland-based international finance institution, to launch a USD 7 million “green microfinance” program known as Ecomicro. Over the course of four years, Ecomicro will support Latin American microfinance institutions (MFIs) in combating climate change by providing funds for on-lending for energy efficiency investments, adjusting risk management models to include climate change risk and incorporating climate impact into internal policies and operations.
By Cameron Milani, Research Associate
About Multilateral Investment Fund: Multilateral Investment Fund (MIF) is an autonomous fund that was founded in 1993 by the Inter-American Development Bank (IDB). Now a member of the IDB Group, MIF has 38 donating member countries from Latin America, the Caribbean, North America, Europe and Asia. As of 2010, MIF reported having approved approximately 1000 projects in approximately 26 developing member countries and together with its partners has financed approximately USD 2.5 billion in project funding.
About Nordic Development Fund: Nordic Development Fund is a multilateral financing institution established by Denmark, Finland, Iceland, Norway and Sweden. It provides financing for interventions related to climate change in low-income countries in cooperation with other financing institutions. Financial data on the Nordic Development Fund is not available.
Sources and Additional Resources:
Inter-American Development Bank, “MIF Partners With Nordic Development Fund to Finance a Pioneer Green Microfinance Initiative,” http://www.iadb.org/en/news/news-releases/2011-10-18/green-microfinance-…
MicroCapital Article, October 25, 2011: “MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) Group’s Multilateral Investment Fund (MIF) to Loan $7m to Root Capital and Microfinance Institutions FIDERPAC of Costa Rica, ASDIR of Guatemala; Announces &7m Equity Investment in CoreCo Central America I Fund; Rolls Out Psychometric Risk Assessment Tool,” https://www.microcapital.org/microcapital-brief-inter-american-developmen…
MicroCapital Universe, Multilateral Investment Fund: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mul…
MicroCapital Universe, Nordic Development Fund: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Nor…
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