Saturday, November 8, 2014

New report details microcredit expansion in Latin America and the Caribbean

Microcredit in Latin America and the Caribbean has continued its expansion of the last decade, with an increase in customers, more kinds of institutions, a wider variety of services offered to clients, and a trend toward lower interest rates, according to new data released here today by the Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group.

According to the report Financial Inclusion in Latin America and the Caribbean: Data and Trends, the region’s microcredit portfolio grew to more than $40 billion in 2013, is provided by more than 1,000 institutions, and reaches more than 22 million clients. By contrast, in 2005 the microcredit portfolio was $5.5 billion, was provided by fewer than 400 institutions, and reached only 6 million customers. Today, microcredit is offered by banks, non-bank financial institutions, cooperatives, and nongovernmental organizations.

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