BBVA Microfinance Foundation celebrates 10th anniversary
The BBVA Microfinance Foundation (BBVAMF) celebrated its tenth anniversary in the context of the Financial Inclusion and Development Forum. The event was chaired by Queen Letizia, who highlighted the work done by BBVAMF, having granted microcredits to 1.8 million people in Latin America.
The Queen of Spain underscored the impact of the access to financial services on the children of entrepreneurs: ‘This is one of the essential values of BBVA Foundation: the effects of its actions on future generations. Ten years after BBVAMF was established, these effects can now be quantified.’
After the Queen’s speech, entrepreneurs from Colombia, Peru, the Dominican Republic and Chile shared their BBVAMF experiences, telling the audience how microcredits improved their businesses and their lives.
Over 8200 million dollars
BBVAMF was established by BBVA in 2007, in an effort to offer opportunities for development and social inclusion to individuals in vulnerable groups in Latin America. Since then, the Foundation has granted more than 8200 million dollars to support production projects, thus encouraging entrepreneurship and contributing to social development.
In her speech, Queen Letizia pointed out that 60% of BBVAMF beneficiaries are women, while 77% are at risk of vulnerability.
One of beneficiaries at the event, Diana Céspedes, told her story. She is a banana producer and fisherwoman in the Dominican Republic: ‘I used to live in extreme poverty. Thanks to the BBVA microcredit, my life has changed, both financially and personally.’
Diana’s story, like those of many other entrepreneurs, is part of the BBVAMF Social Performance Report 2016, published under the title Midiendo lo que realmente importa (Measuring What Really Matters). This report gives an account of the Foundation’s work every year – the type of work BBVAMF has been doing for a decade.