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Expanding microbusiness and basic services in the North Atlantic Autonomous Region in Nicaragua

Jan 29, 2015

The Multilateral Investment Fund (MIF), member of the Inter-American Development Bank (IDB) Group, recently approved a reimbursable financing and nonreimbursable technical cooperation of the Social Entrepreneurship Program (SEP) for a total of US$331,000 for a project with the Pana Pana Atlantic Coast Development Association (APP). The project seeks to expand the supply of credit for more than 500 microentrepeneurs and low-income families of the North Atlantic Autonomous Region in Nicaragua in order to meet their financing needs and facilitate access to new and improved water and basic sanitation services.

The North Atlantic Autonomous Region in Nicaragua (RAAN) is the region with the highest incidence of extreme poverty in Nicaragua. More than half of its inhabitants belong to an indigenous or ethnic community, and base their economic activity in the informal sector, working in the agriculture, stock farming, artisanal fishing, manufacturing, artisanal industries and trade. Small business and families have limited access to financial services which limits their ability to improve their homes or expand their economic activities and prevents many individuals from improving their homes, constraining their ability to improve their quality of life and that of their families.

The approved project will strengthen APP, the only autochthonous financial entity that provides financial and nonfinancial services to the most disadvantaged rural communities, following the individual, village banking and solidarity group methodologies. The project will support the expansion of the supply of credit for a greater number of poor microentrepreneurs of the RAAN and will test a tailor credit product to finance access to water and sanitation solutions for households.

This project complements the MIF’s technical cooperation for WaterAid that finances safe drinking water and sanitation solutions for urban and periurban population without access to the network.

This project is part of the Social Entrepreneurship Program (SEP), administered by the MIF, which provides funding and technical assistance to private companies, NGOs, foundations , cooperatives, producer associations, public-private partnerships , among others , with experience in the provision of financial services, basic services and business development targeted at poor people with an entrepreneurial approach.

Acerca del FOMIN

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, is funded by 39 donors and supports private sector-led development benefiting low-income populations and the poor—their businesses, their farms, and their households. The aim is to give them tools to boost their incomes: access to markets and the skills to compete in those markets, access to finance, and access to basic services, including green technology. A core MIF mission is to act as a development laboratory—experimenting, pioneering, and taking risks to build and support successful micro, small and medium business models. More information can be found at www.fomin.org. Learn more www.fomin.org

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