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Microfinance Growth Facility (MiGroF)
The main objective of this Facility is intended to facilitate sustained growth of micro and small enterprises in light of the contraction of international financing sources due to the global financial crisis. This facility seeks to partially compensate for the shortfall from the reduction of domestic and external sources of funding that MFIs are facing in the LAC region. The Facility will suply eligible MFIs and MIVs with medium and long term senior and subordinated loans, which in turn will be on-lent to thousands of micro and small enterprises.

Project Detail



Project Number


Approval Date

August 5, 2009

Project Status


Project Type

Technical Cooperation





Lending Instrument

Instrumento del Fondo Multilateral de Inversiones

Lending Instrument Code




Facility Type


Environmental Classification

Uncategorized Directive B.13

Total Cost

USD 125,000.00

Country Counterpart Financing

USD 50,000.00

Original Amount Approved

USD 75,000.00

Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
ATN/ME-11725-RG Non-Sovereign Guaranteed USD - United States Dollar Multilateral Investment Fund II (MIF) - Nonreimbursable
Operation Number ATN/ME-11725-RG
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - United States Dollar
  • Reporting Date:
  • Signed Date:
  • Fund: Multilateral Investment Fund II (MIF) -
  • Financial Instrument: Nonreimbursable
Published 2022
Give Credit Where It Is Due: Firm Financing in a Post-Pandemic Caribbean
Joint research from the IDB’s Caribbean Department, IDB Invest, and the Complete Caribbean Partnership uses enterprise survey data to highlight that firms from across the Caribbean face challenges when it comes to access to finance, particularly given the depth and development of credit and capital markets. Findings suggest that the most pressing barriers to finance
Published 2023
Cómo aliviar la crisis de crédito para las pequeñas y medianas empresas
Las pequeñas y medianas empresas (pymes) constituyen la inmensa mayoría de las empresas formales, y contribuyen con cerca del 50% del empleo formal en el país promedio en América Latina y el Caribe, e incluso con cerca del 80% en algunos casos. Sin embargo, a pesar de su enorme importancia para la economía de la
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Easing the Credit Crunch on Small and Medium-Sized Enterprises
Small and medium-sized enterprises (SMEs) comprise the overwhelming majority of formal businesses and create around half of formal employment for the average country in Latin America and the Caribbean, with that percentage rising to 80% in some cases. Yet, despite their immense importance to the economy of the region, these firms consistently struggle to get
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Improving access to finance for women entrepreneurs and smaller enterprises crucial for the Caribbean
Access to adequate finance is critical to any business. For the most vulnerable – smaller firms and those owned and operated by women – finance is the lifeblood. Financing allows businesses to improve their services, expand to different markets, provide jobs in their communities, and contribute to the growth of the economy. New joint research
Published 2022
A more robust financial sector would strengthen firms in Barbados
Are you a business owner who would like to expand operations but find it difficult to get a loan from a bank? Are you an entrepreneur with an innovative idea that has market value but finding someone to invest in your project seems an impossible task? If that is the case, you are not alone!
Published 2022
Avoiding Economic Long-COVID: Policies to Support Firms and Workers in Latin America and the Caribbean
During the peak of the COVID-19 crisis, governments in Latin America and the Caribbean aided firms and households with support packages coordinated with central bank monetary policy. For many, liquidity injections and flexible financial sector supervision helped ease the pain. While many small firms closed their doors during the crisis, surprisingly few larger firms
Published 2020
Informational Switching Costs, Bank Competition and the Cost of Finance
This paper studies the links between competition in the lending market and spreads of bank loans in Brazil. Evidence from a dataset of more than 13 million loan-level observations from private banks shows a positive relationship between market power, measured by the Lerner index, and the cost of finance, measured by spreads over the treasury curve. Furthermore, there is evidence of the holdup problem, originating from informational switching costs faced by firms. Private banks engage in a strategy of first competing fiercely for clients by offering a lower loan interest rate and later increasing interest rates as the bank-firm relationship duration increases. Both results are stronger for micro and small firms than for medium and large firms.
Published 2021
Structuring for Exit: New Approaches for Private Capital in Latin America
Structured financing solutions encompass a range of investment approaches that provide liquidity to investors without the need for a traditional equity exit event, such as a strategic sale, sale to another financial investor, or public market listing. Structuring mechanisms across the debt-to-equity spectrum determine the exit terms of the deal, therefore providing considerable downside protection to investors. Structured financing solutions are an incipient but increasingly important set of tools for investors active in Latin America to address the financing gap for companies that lack access to bank financing and are not attractive targets for traditional PE and VC players. Many investors employing these strategies are in an experimental phase, reporting new lessons learned with each deal completed. Impact investors have been among the top drivers of these structuring innovations, as they have grappled with the additional limitations associated with the straight equity model for environmental or social enterprises. However, the use of structured financing is by no means restricted to the impact investing space. Fund managers have invested USD4b in private credit deals in Latin America since 2018, more than the previous ten years combined. PE and VC investors have also increasingly employed quasi-equity and debt instruments. ACON Investments, for example, has employed mezzanine structures in several deals from its latest funds. Brazil-focused venture capital firm SP Ventures has recently begun investing from its debut venture debt fund. Growing experimentation by fund managers demonstrates the opportunity for investors across ticket sizes, strategies, and the impact-to-commercial spectrum. The structures discussed and the case studies highlighted in this report contain some of the major lessons applicable to a wide group of private capital investors in Latin America targeting certain and timely exits with consistent returns.
Published 2022
Can online platforms encourage women-owned firms in international trade? In the case of ConnectAmericas, yes
Can online platforms expand female-owned firms’ trade opportunities? Based on research using data from a business site in Latin America and the Caribbean, the answer is yes. This finding is important for the promotion of gender equality, one of the 17 Sustainable Development Goals (SDGs), and for the policymakers, practitioners, and researchers who are increasingly
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Inter-American Development Bank Annual Report 2020: The Year in Review
The Annual Report contains a review of the Bank's operations in 2020 (loans, guarantees and grants). The second volume contains the full set of the financial statements of the Bank's resources.
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