MICROCAPTIAL STORY: Inter-American Development Bank’s Awards for Microenterprise Development Will be presented at the Inter-American Forum on Microenterprise (FOROMIC) in Paraguay to Recognize Advances in Microfinance

The Inter-American Development Bank (IDB) recently announced that the Awards for Microenterprise Development will be presented at the IDB’s 11th Inter-American Forum on Microenterprise (FOROMIC) in Asuncion Paraguay, in October 2008. It will be organized by the government of Paraguay as well as by the IDB’s Multilateral Investment Fund (MIF), which promotes inclusive private sector growth through grants and investments.

The Inter-American Awards for Microenterprise Development will choose between companies, institutions and non-governmental organizations to recognize an organization that the IDB’s judges believe is the best in promoting microenterprise development and microfinance products. All applicants must have three years of experience and report to MIX Market, the microfinance information clearinghouse, as the IDB will use information reported to MIX in the selection process. The winners will receive recognition at the Inter-American Forum on Microenterprise.

Two awards, one for a regulated institution and one for a non-regulated institution, will be given for Excellence in Microfinance, which will consider the institution’s products in the short and long term through innovations and diversification in conjunction with amount of clients reached. Another award, given for Excellence in Enterprise Development Services, will heavily consider institutions that provide affordable and sustainable products and solutions that have contributed to a wide-range of MFIs’ increased competitiveness. The final award will be given out for Excellence in Local Entrepreneurship to a Paraguayan entrepreneur since the Forum will be held in Paraguay. It will focus on the microentrepreneur’s innovation, commitment and participation in the microfinance community. The IDB has published a more extensive listing of the criteria and selection process here.

Last years winners were awarded in October 2007 at the Inter-American Forum in San Salvador, El Salvador. The Award for Excellence in Microfinance for a regulated institution was given to Bolivian Banco Sol, one of the first microfinance institutions in Bolivia, and now one of the country’s largest banks. The Award for Excellence given to a non-regulated institution was awarded to non-governmental organization Pro Mujer, Peru, which was recognized for its outreach efforts to rural women. MicroCapital reported on this award here. The Award in Enterprise Development Services was awarded to Lima-based Colectivo Integral de Desarrollo, which works with youth entrepreneurs throughout Latin America. The final award, the Award for Excellence in Social Entrepreneurship, was given to Ildikó de Tésak, an El Salvadorian lawyer who works for the rights of children and women entrepreneurs.

MicroCapital has recently reported on other 2008 awards such as the Financial Times Sustainable Banking Awards, the Fourth Annual Women Together Award, the World Business and Development Awards and the Srijan Microfinance Business Plan Competition among others.

By Sarah Knapp, Research Assistant

Additional Resources:

2007 Inter-American Forum in San Salvador

2008 Inter-American Forum on Microenterprise (FOROMIC)

Inter-American Awards for Microenterprise Development: Criteria,  Excellence in Enterprise Development Services, Excellence in Local Entrepreneurship, Excellence in Microfinance

Inter-American Development Bank (IDB) Multilateral Investment Fund (MIF)

MicroCapital.org: Financial Times Sustainable Banking Awards, Fourth Annual Women Together Award, Srijan Microfinance Business Plan Competition, World Business and Development Awards

Similar Posts: