Forbes Magazine reported a 200 million euro, approximately equal to USD 259.94 mn, investment in microfinance made by Banco Bilbao Vizcaya Argentaria SA (BBVA), a Spanish financial institution engaged in private, retail and wholesale banking and asset management. BBVA Chairman Francisco Gonzalez said in a press conference that the funds will be lent through local strategic partners such as Caja Nor and Caja Sur in Peru, Corporacion Mundial de la Mujer in Bogotá, and Medellin in Colombia. BBVA is also working to develop similar relationships with microfinance institutions in Mexico. According to Gonzalez, BBVA is also planning on extending their microfinance operations beyond Latin America, though there was no particular region or timeline mentioned.
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