The BBVA Microfinance Foundation has been recognized by the United Nations Organization (UN) as one of the 13 private institutions worldwide whose activity contributes to the fulfillment of the Sustainable Development Goals (SDGs) established by the UN for 2030, as a continuation of the Millennium Goals.
- The UN publishes a report recognizing the activity of the BBVA Microfinance Foundation towards the fulfillment of the goals of eradicating poverty, and support for decent work, economic growth and gender equality.
- The report, entitled “Working together towards the Sustainable Development Goals: (ODS): A framework for Action”, which was produced with Harvard University, singles out the initiatives of 13 private institutions from all over the world.
- The Foundation promotes the sustainable and inclusive economic development of disadvantaged people in Latin America by supporting their growth through entrepreneurship. It currently serves 1.7 million vulnerable entrepreneurs.
The BBVA Microfinance Foundation has been recognized by the United Nations Organization (UN) as one of the 13 private institutions worldwide whose activity contributes to the fulfillment of the Sustainable Development Goals (SDGs) established by the UN for 2030, as a continuation of the Millennium Goals.
According to the report entitled “Working together towards the Sustainable Development Goals: (SDGs): A framework for Action”, the BBVA Microfinance Foundation is notable for its activity in favor of the SDGs of eradicating poverty and support for decent work and gender equality. This report has been produced by Harvard University’s Kennedy School and by Business Fights Poverty, the largest worldwide network of professionals from responsible companies.
The UN is working together with governments, civil societies and other partners to advance the Development Agenda through to 2030, with the goal of eradicating poverty by that date. The document looks at how to improve and increase the effectiveness of the collaboration between companies and the United Nations in the area of cooperation for development, and highlights actions and projects by international companies committed to sustainable development. These institutions also form part of the UN’s Private Sector Advisory Group, created in April 2015.
The BBVA Microfinance Foundation is a non-profit organization set up in 2007 by the BBVA Group within the framework of its corporate social responsibility.
“The Foundation supports the achievement of the sustainable development goals set by the United Nations to end poverty in the coming fifteen years. The Foundation serves 1.7 million entrepreneurs, 85% of whom are currently in a situation of vulnerability. We are working to create a better future for disadvantaged people through finance for productive activities, which promotes the sustainable and inclusive economic and social development of these entrepreneurs, and –by extension– of their families and their communities” explains Javier M. Flores, chairman of the BBVA Microfinance Foundation.
The Foundation’s contribution to the United Nations’ SDGs
61% of the entrepreneurs who access the financial system thanks to the work of the BBVA Microfinance Foundation are women, thus directly contributing to reducing gender inequality. The Foundation has also signed a collaboration agreement with the United Nations Entity for Gender Equality and the Empowerment of Women to encourage women’s enormous potential for entrepreneurship, recognize the role they play in reducing poverty and help them become drivers of prosperity and well-being for their families and communities.
Access to financial services also has a positive impact on entrepreneurs’ own economic activities, by generating economic surpluses that can be maintained over time. It also encourages children to remain in education, and produces improvements in health indicators and housing infrastructure. All these aspects are priority goals for sustainable development pursued by the United Nations.
The Foundation also participates in the Microfinance for Ecosystem-based-Adaptation to Climate Change (MEbA), part of the United Nations Program for the Environment, to help low-income rural customers to adapt their crops to climate change.
Finally, the UN highlights as good practice the system of social measurement created by the BBVA Microfinance Foundation and based on a series of social and economic metrics, which has become a benchmark for the sector. Under the heading “Measuring what really matters”, the Foundation publishes an annual performance report summarizing the degree of impact of its main activities at an aggregate level for the region, and for each geographic areas where it operates.
A roadmap for UN agencies
The UN considers that the contributions of the private sector in terms of experience, innovation, creativity and funding are essential for achieving the SDGs. The report contains examples of the effective engagement of private sector companies, and takes the form of a roadmap with recommendations aimed at the United Nations agencies. It serves as a guide for joint endeavors between the international agency and companies to create future projects for achieving the SDGs.
“This report presents an unprecedented opportunity for the private sector to contribute and reinforce the road towards global, sustainable and continued development. The leading companies in the UN advisory group have undertaken to work indefatigably in the areas that have been earmarked as being of common interest, with the overriding aim of finding the best methods for collaboration between the UN and the private sector, and identifying how companies can work most effectively together with the United Nations towards the common objective of the SDGs” explains Paloma Durán, director of the United Nations Sustainable Development Goals Fund.
Go to the report “Working together towards the Sustainable Development Goals: (ODS): A framework for Action”
Study Case – Fundación Microfinanzas BBVA
