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The Inter-American Development Bank’s Multilateral Investment Fund (MIF) has approved a US$3.95 million grant for a programme to promote innovative technology solutions that expand access to financial services in Latin America and the Caribbean.The programme, with a total cost of US$10 million,Arizona Diamondbacks Gregor Blanco Jersey, will consist of a series of individual projects that directly increase access to finance, reduce operational costs,Detroit Tigers Alex Avila Jersey, or help deliver new financial products.These projects will be designed and implemented by microfinance institutions,Cleveland Indians Yan Gomes Jersey, the IDB said in a press release.Several rounds of calls for proposals – the first one in early 2010 – will help select individual projects based on their innovation and their capacity to achieve measurable results.Institutions will initially be asked to submit project ideas.The selected institutions will get support from the programme to develop a technology strategy and a project proposal.A second selection process will determine which of the proposals will be implemented.The goal of the overall programme is to provide first-time access to credit to 250,Oakland Athletics Trevor Plouffe Jersey,000 microentrepreneurs or low-income individuals.The programme was launched at the Inter-American Forum on Microenterprise (Foromic),Philadelphia Phillies Michael Saunders Jersey, held in Arequipa,Minnesota Twins Matt Belisle Jersey, Peru, with an open-microphone workshop where microfinance institutions shared their needs and concerns on the use of new technologies to expand access to financial services.Feedback gathered during the workshop is helping MIF define the selection criteria so the programme meets the needs of the microfinance community.A strong emphasis will be placed on capturing and sharing the knowledge obtained during the implementation of each project.Knowledge sharing will be promoted through an online community portal where institutions can present and discuss ideas,New York Yankees Austin Romine Jersey, submit their project proposals,Omar Vizquel Jersey, and share their experience executing their projects.The MIF,Matt Belisle Jersey, an autonomous fund administered by the IDB, has been a major supporter of microfinance innovation in Latin America and the Caribbean since 1993.The IDB is the main source of long-term financing for economic and social development in the region. |
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