Multidimensional poverty affects 1.1 billion people in more than 100 countries around the world, of which more than 33 million live in the region, according to the UNDP’s Global Multidimensional Poverty Index.
MOU between BBVAMF and UNDP
The BBVA Microfinance Foundation (FMBBVA) and the United Nations Development Program (UNDP) in Latin America and the Caribbean have signed a strategic alliance to reduce poverty with joint initiatives focused on financial inclusion, innovation and digitalization of low-income entrepreneurs in Latin America.
This action aims to help improve the quality of life of people in vulnerable situations such as young people, indigenous people and women living in rural areas, among others. This is the case of Dania Riquelme, a Chilean fisherwoman who lost her home in the forest fires that recently devastated the region. Thanks to the support of Fondo Esperanza, the microfinance institution of BBVAMF in the country, she has been able to rebuild her home and continue with her business. Measuring the economic needs of vulnerable people like Dania, in terms of housing, education and health, is essential to provide them with financial and non-financial services that help them to progress.
“The BBVA Microfinance Foundation has a strong commitment to inclusive and sustainable development in Latin America. This alliance with the United Nations agency specialized in development allows us to join capacities and leverage the potential of financial inclusion, innovation and data to generate a tangible impact on the lives of millions of people,” said Javier M. Flores, CEO of the BBVAMF.
This collaboration reinforces the commitment of both organizations to contribute to the eradication of poverty in the region. The UNDP stands out for its analysis and studies on poverty, including multidimensional poverty, while the BBVA Microfinance Foundation stands out for its measurement of social impact, which includes indicators that quantify the progress of the 3 million vulnerable entrepreneurs it serves in five Latin American countries.
“With allies like the BBVAMF we advance our mandate to reduce poverty and promote inclusion for sustainable development that leaves no one behind. Through this agreement, our institutions address the specific needs of low-income communities in Latin America and the Caribbean, combining UNDP’s global experience with BBVAMF’s specialized approach,” added Michelle Muschett, UNDP assistant administrator and regional director for Latin America and the Caribbean.