The new roadmap of the international cooperation for development

“We have to be united, not to be together, but to do something together”- Donoso Cortés

The Council of Ministers has just approved the V Master Plan for Spanish Cooperation. This document defines Spain’s intention to fight poverty and inequality, and is based on cultural diversity, environmental sustainability, fight against climate change and human rights, such as gender equality.

The Plan, aligned with the Sustainable Development Goals, establishes four General Objectives that overlap with the 2030 Agenda’s four domains: people, planet, prosperity and peace.

Overcoming development challenges in focus countries requires more sustainable models that strengthen social cohesion. For this reason, the action plan on the regional level will have a tailored approach, adapted to the socio-economic situations of each country.

The Spanish Cooperation, a strategic partner of the BBVA Microfinance Foundation

One of the document’s ‘Differentiated Strategy’ refers to the importance of supporting microfinance, the formalization of remittances, small and medium enterprises and social economy, among others. It also highlights the role played by Public-Private Partnerships for Development, which is essential in achieving goals in cooperation.

In this sense, the BBVA Microfinance Foundation works in partnership with the Spanish Cooperation, contributing to the shared prosperity in Latin America, through financial inclusion. Its mission, strongly aligned with the SDG, seeks to promote the social and economic development of vulnerable entrepreneurs with a group of microfinance institutions in 5 regional countries. In the spirit of collaboration, the BBVAMF has established agreements with other organizations that advance and multiply their activity’s impact, and help to transform and strengthen the microfinance sector.

In September 2014, a partnership was formalized with the Secretary of State for International Cooperation and Iberoamerica, to join forces and jointly develop actions in the field of microfinance. In June 2015, this alliance was consolidated with the signing of a collaborative agreement with Marca España.

“From the Spanish private sector, the BBVA Microfinance Foundation sets an outstanding example of contribution in financial inclusion”

During an event organized by the Foundation in the United Nations HQ in March this year, the Spanish Ambassador to the UN, Jorge Moragas, acknowledged that, “From the Spanish private sector, the BBVA Microfinance Foundation sets an outstanding example of contribution in financial inclusion”, and he added that as a philanthropic initiative, it currently registers a high social impact in Latin America.

The 2030 Agenda for Sustainable Development recognizes solidarity as a transformative force in a world that needs to change. Only by working together for the most vulnerable, can there be an end to all forms of inequality, paving the way to benefit from shared prosperity.

Karessa Ramos, Communications – BBVAMF