Marca España supports microfinances in Latin America

The Government High Commission for Marca España has signed an alliance with the BBVA Microfinance Foundation to support the enhancement and dissemination of Spain’s image abroad in nations and regions in Latin America, where the Foundation promotes the sustainable and inclusive economic and social development of underprivileged sectors through Productive Finance.

The agreement was signed this afternoon at the offices of the Ministry of Foreign Affairs and Cooperation by Javier Flores Moreno, chairman of the BBVA Microfinance Foundation (FMBBVA).

When referring to the signing, Carlos Espinosa de los Monteros underlined that in addition to major works to provide telephone, electricity, water and financial services, Spanish companies also carry out works of social enterprise in countries with disadvantaged populations, and noted that currently “Spain dedicates more private funds than any other country to Social Responsibility programs in Latin America”.

For his part, Javier Flores Moreno, chairman of the BBVA Microfinance Foundation, said that by joining Marca España they will be collaborating in reinforcing Spain’s image and projection by “showcasing the Foundation’s activity in Latin America in support of the productive development of 1.6 million underprivileged people today, in addition to all its philanthropic work underpinning the transformation of the microfinance sector”.

The BBVA Microfinance Foundation is the today the number one philanthropic initiative in terms of social impact in Latin America, and the main operator by volume of customers, in addition to having its own methodology in the region, a situation that was highlighted by the Government High Commissioner as an asset of Marca España.

This commitment will have a duration of five years, renewable for one-year periods, and will represent for Marca España a framework of action and mutual cooperation to “support an image of the country aligned with quality and prestige, with the FMBBVA as a clear exponent of this principle” in Latin America.

Through this alliance between both institutions, Marca España “will disseminate the work of private investment by the BBVA Microfinance Foundation in countries in Latin America as an example of excellence” of our country abroad. The foundation, which specializes in development, also collaborates with the Spanish Cooperation agency via a similar Framework Agreement signed on 29 September 2014. In order to follow up on the commitment undertaken, a coordination commission will be set up with representatives from each party, whose task will be to draw up proposals for collaboration in joint international promotional activities.

The Foundation will offer the Spanish Cooperation agency and Marca España the resources of their methodological model for measuring performance by using indicators and objective metrics to measure people’s economic and social progress through support for their productive activities.

The BBVA Microfinance Foundation is a non-profit organization set up in 2007 by the BBVA Group as an expression of its Social Corporate Responsibility. In addition to its primary activity, the Foundation sponsors projects to transform the microfinance sector within the sphere of human capital, corporate governance and the regulatory and supervisory environment. Its initiatives include particularly the preparation of a “Universal Code of Corporate Governance for Microfinance Institutions”, and the “Guide for adopting principles of good governance in Microfinance Institutions”, among others.