Economic Crisis: Challenges for microfinance

(Quito, July 20, 2009).- The Andean Development Corporation (CAF) invited its clients in the microfinance sector to the III CAF Microfinance Forum with the theme: Economic Crisis: Challenges for Microfinance. The forum was attended by CAF President & CEO Enrique Garcia.

Garcia emphasized the importance of this international meeting, which debated the current state of microfinance in the region in the context of the world crisis. He said in an effort to achieve equitable and inclusive economic growth, CAF had been meeting the financing needs of the micro-enterprises of Latin America since 1995 through its support for specialized microfinance institutions.

For two days, in the city of Quito, national and international experts debated factors that could affect the institutions offering microfinance services in the world economic crisis.

The forum consisted of three discussion panels on the following subjects: Economic crisis: Challenges for microfinance; Competitive productivity with inclusion; and Effective paths for sustainable development in microfinance.

CAF considers support for micro-, small- and medium-sized enterprises in the region to be an essential pillar for effective reduction of poverty and sustainable development in its shareholder countries, and is part of the integrated development agenda which the Corporation is promoting.

CAF backs initiatives that contribute to the permanent and sustainable strengthening of microfinance and has become one of the region's main sources of financing for this sector.

The forum is held every two years as a strategic space for those involved in development of microfinance. This year, participants included: Alfonso Prat Gay, former president of the Central Bank of Argentina; Damian Von Stauffenberg, president of the Microrate rating agency; Luis Felipe Derteano of Grupo ACP of Peru; and Javier Vaca of the Rural Financial Network, among others.