The Organization for Economic Cooperation and Development (OECD) published the development cooperation profiles of countries who are members of the Development Assistance Committee (DAC), other states and those of large foundations who report their contribution to this organization. Among them, the BBVA Microfinance Foundation has been acknowledged as a world leader in development financing, only after the Bill & Melinda Gates Foundation.
The OECD, which publishes Official Development Assistance (ODA) figures since more than 50 years ago, informs that its amount in 2019 rose up to USD 152.5 bn (DAC member countries), which means a 1.4% increase in real terms, compared to the past year.
“The increase in international efforts towards development is an important first step, particularly now, when we have an additional task to support the most vulnerable countries in their battle against the coronavirus crisis”, explained Ángel Gurria, OECD general Secretary.
The OECD expands profiles of countries and foundations who contribute to development cooperation
During the last few years, the OECD’s statistics for development cooperation has been expanded and currently includes information from 33 large foundations who contributed a total of USD 7.8 bn, according to the most recent published data.
The profiles of these foundations, shared by the OECD, are complementary to the “Private Philanthropy for Development” report, presented in January 2020 during the Private Finance for Sustainable Development Week.
This ranking highlights the contribution of BBVA Microfinance Foundation, whose disbursement in 2018 amounted to USD 1.2 bn in microcredits to low-income entrepreneurs in Colombia, Peru, Dominican Republic and Panama.
“86% of the disbursements were made in Colombia and Peru, especially to finance environmental sustainability programs or women’s economic empowerment, who constitute more than half of the entrepreneurs we serve”, guarantees Gabriela Gil, Finance manager and controller. Sector-wise, 45% of the disbursements went to small trade and 20% to agriculture and husbandry.
The 89 new development cooperation profiles of the OECD shows verified and comparable data, as well as an analysis of each state or foundation’s contribution to development, using criteria defined by OECD’s DAC to identify which types o disbursements (donations and loans) could be considered Official Development Assistance (ODA).
An effort which, according to OECD’s leading authority, will be very necessary so that the most vulnerable segments could face this global crisis.
Find BBVA Microfinance Foundation’s profile in the OECD here.