CAF present at Peru Banking & Finance Day

(Lima, October 24, 2011) .- With the support of CAF – Latin American development bank – the Seminar "PERU - Banking & Finance Day 2011" was held in Lima. The event was organized to promote development of the Peruvian financial system and to discuss the challenge of financial inclusion as a mechanism for development and improvements in banking and microfinance markets.

CAF Private Sector vice president, Peter Vonk, and Fernando Alvarez, chief executive of the Socioeconomic Research department, participated in the activity, which was opened by Peruvian Minister of Economy and Finance Luis Miguel Castilla.

The international seminar assembled the main organizations on the local and international market to analyze the diversity of financing products, financial consumer protection, more modern regulations, and the innovative ideas to transform the Peruvian financial market into one of the leaders in the Latin American region.

In his presentation, Peter Vonk said the capital market would come to Peru and was part of the moment the country is living through. The banking sector has to make the decision whether or not they take part in this. "It would be beneficial for banks to embrace the change, as part of their business, as is happening in many parts of the world."

Fernando Alvarez said the latest Report on Economy and Development 2011 addresses the issue of "Financial Services for Development," because CAF is aware of the close relationship between financial inclusion and the development of peoples.

After saying that "the microfinance revolution" had opened access to financial services for a large segment of the population in the region, Alvarez added that the "Latin American microfinance model" is reflected in the fact that 80% of productive enterprises in Latin America are single person and about one third of the region’s population is employed in microenterprises.

The seminar "PERU - Banking & Finance Day 2011" was organized by the Graduate School of the University of the Pacific and El Dorado Investments. The event attracted representatives from government and regulators, along with academics, representatives of commercial, investment, microfinance, multilateral and international banks; and banking and microfinance associations.