IDB approves project for Service Transparency and Consumer Protection in Microfinance

Microfinance Focus, May 19, 2010: Inter-American Development Bank (IDB) has recently approved a project, ‘Service Transparency and Consumer Protection in Microfinance’ in Honduras. IDB will be providing USD 500, 000 for the project. The project intents to develop the regulatory framework to promote transparency of the services provided by the monitored system, the design and implementation of an administrative body in charge of CNBS care and protection to consumers of the services according to best practices and the strengthening of the financial culture of the Honduras.  It is a multilateral investment fund operation and will be executed by Comision de banca y seguros, Honduras. The total estimated cost of the project is USD 968, 000

Established in 1959, IDB is the largest source of development financing for Latin America and the Caribbean. The IDB partners with countries to combat poverty and promote social equity through programs tailored to local conditions. Working with governments as well as with the private sector, the Bank seeks to achieve sustainable economic growth, increase competitiveness, modernize public institutions, and foster free trade and regional integration.

Since its inception, IDB has approved $168 billion for projects, mobilizing more than $375 billion in investments. The Bank’s activities cover the entire spectrum of economic and social development in Latin America and the Caribbean, with an emphasis on programs that benefit low-income populations. The IDB finances both public and private sector projects in the region.

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