CABEI finances regional MSMEs to create opportunities and generate employment
CABEI has been able to channel its resources towards less-favored productive sectors, with loans of US$729.00 for microenterprises and of US$6,6871.00 for small and medium enterprises.
Managua, August 3, 2016. - The Central American Bank for Economic Integration (CABEI) is currently the multilateral organization that provides the greatest support to the micro, small and medium enterprise (MSME) sector in the region, with close to US$2.30 billion in disbursements through December 2015. The Bank has a large network of strategic allies: more than 100 intermediary financial institutions, including banks, microfinance institutions and savings and loan cooperatives, channel its resources.
In addition to these impressive results, during the past decade CABEI has been able to generate employment sources in the region by channeling its resources towards less-favored productive sectors with loans of US$729.00 for microenterprises and of US$6,6871.00 for small and medium enterprises. Through December 2015, support was provided to 684,015 businesses that offer employment to 979,547 people.
This was the message of Dr. Silvio Conrado, CABEI Director for Nicaragua, in his presentation at the VIII Central American and Caribbean Conference on Microfinance Technology: Competitiveness and Financial Inclusion.
Through microfinance institutions, CABEI has gradually extended its efforts to support the region’s poorest households, rural areas and the most vulnerable sectors, in particular that of women, by fostering development and poverty reduction in Central America. Through its MSME Support Program, the Bank has channeled US$423 million to productive activities in rural areas, of which US$131 million has been directed at agriculture and cattle raising. Of the 979,547 total jobs generated, 59% were for women, making a considerable contribution to improving their security, autonomy and self-confidence, Dr. Conrado noted.
Discussions at the VIII Conference revolved around the paradigms presented by the dynamic nature of national and regional markets, which create new challenges for microfinance institutions. There is an urgent need to incorporate new information and communication technologies in order to widely promote the products and services available to lower-income sectors, as well as to foster the innovation that will result in greater competitiveness.
CABEI’s efforts fall under the framework of the Bank’s 2015-2019 Institutional Strategy “Integrating Sustainable Development and Competitiveness,” in particular with regard to the focus area of financial intermediation and development finance.
The Conference was organized by the Nicaraguan Association of Microfinance Institutions (ASOMIF) and the Central American and Caribbean Microfinance Network (REDCAMIF); as a result of its success, the Central American and Caribbean Conference on Microfinance has become the most important event for the microfinance industry on the Central American Isthmus.
