Queen Sofía shows her support for microfinance

Queen Sofía has taken part in the 18th Microcredit Summit in Abu Dhabi

17 March 2016
Fundación Microfinanzas BBVA

Queen Sofía has taken part in the 18th Microcredit Summit in Abu Dhabi, held between 15 and 17 March. The Queen expressed her interest in continuing to support microfinance as a tool for improving the living conditions of populations with few resources. She has been supporting the advance of these projects for the last 20 years, and has received international recognition for her role as a standard-bearer for the microfinance sector.

In November 2011 she hosted the World Microcredit Summit in Valladolid –although four years previously, on 26 February 2007, she had already pledged her support by officially presenting the BBVA Microfinance Foundation and attending its headquarters to inaugurate the International Microfinance Conference, a forum for debate on how the sector can collaborate in the development of more disadvantaged societies.

“The banks must play a key role in 21st-century society and contribute directly to development and general well-being. This is the reason we have set up the BBVA Microfinance Foundation”, said Francisco González, chairman of the BBVA, at the presentation of the Foundation.

Fotografía de Francisco González, presidente de BBVA, junto a SM Doña Sofía, FMBBVA

Francisco González, BBVA’s chairman, with Her Majesty Queen Sofía

The BBVA Microfinance Foundation is one of the philanthropic initiatives with the greatest social impact in Latin America, and affects the lives of 6.9 million people. It is the leading operator in the region in terms of customer numbers (1.7 million customers), and has its own individual methodology. Since its creation in 2007, it has delivered loans for a total of 7.2 billion dollars to 4.9 million low-income entrepreneurs to give them a chance to improve their own lives, and those of their families and communities, through their productive activities.

This is a non-profit organization specializing in promoting sustainable and inclusive economic and social development for disadvantaged sectors of society by means of Productive Financing, its specialty and methodology. As it is customer-centric, it considers the customers’ individual profiles and their particular characteristics of vulnerability. This is a model that promotes the customers’ sustainable development through the surpluses created from their businesses.

It has a unique and differential model, characterized by its emphasis on professional business, and based on efficient and expert management. Its activities pursue two strategic goals: the creation of a group of sustainable microfinance institutions in Latin America, and the development of initiatives that promote the transformation of the microfinance sector.

On the occasion of that International Microfinance Conference inaugurated by Queen Sofía, the BBVA Microfinance Foundation published the following news item entitled Francisco González: “the BBVA Microfinance Foundation is an innovative project in favor of development in Latin America”.