Boost for Microfinancers in Panama
The BBVA Foundation and AMPYME have agree to the first private-public partnership for microfinancers in Panama.
Friday, November 18, 2011
The Microfinance Foundation of the Spanish bank BBVA has teamed up with the Authority for Micro, Small and Medium Enterprises in Panama to promote the use of financial products from these companies.
Micro-finance has grown rapidly in Nicaragua over the last decade. Between the end of 1999 and the end of last year, the total micro-credit portfolio grew at an average 19.4 percent a year, while the number of clients grew by 25 percent a year, according to industry statistics.
The "No Payment" movement is scaring US and European investors, threatening the arrival of $70 million worth of funds for micro finance companies.
Between 2010 and 2011 the microfinance portfolio increased by 23%, going from $84 million to $104 million, averaging $529 per loan.
A law regulating the microfinance market would open the opportunity to capture savings that currently can only be done through cooperatives and banks.
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