The Multilateral Investment Fund (MIF) has financed 80 projects for a total of about $115 million in grants and investments during 2000 to strengthen the private sector in Latin America and the Caribbean.
An IDB-administered fund, the MIF works directly with private and public partners to improve the environment for business, build the capabilities and skills standards of both the work force and entrepreneurs, and broaden economic participation of smaller enterprises.
"As the world becomes more interconnected and interdependent, it is increasingly important to ensure that those less equipped to benefit from change are not left further and further behind," said Donald F. Terry, the MIF manager. "MIF believes that a strong, competitive, and broadly based private sector is the key to equitable growth."
One of MIF's current priorities is to help enhance the global competitiveness of small firms by financing projects that meet the standards of the International Organization for Standardization (ISO) and other internationally recognized standards.
Another MIF priority is to support the transition of informal microfinance institutions, many run by NGOs, into regulated financial institutions with a much broader range and economic impact. The MIF also invests in cutting edge technologies that enable small and medium-size firms to take advantage of the information revolution and improve quality and environmental standards.
In the past three years MIF operations have grown to between $115 million and $135 million annually from $60 million to $70 million annually. The fund is now the largest source of technical assistance grants for the private sector in Latin America and the Caribbean.
See adjacent link for examples of recent MIF investments.