BBVA Microfinance Foundation
in Panama
In PANAMA, the BBVA Microfinance Foundation is present through Microserfin. This entity assists 11,022 disadvantaged entrepreneurs in the country, 48% of whom are women. Panama has experienced one of the highest economic growths in Latin America during this decade. Its GDP has experienced an average growth over 8% between 2006 and 2012.
Panama went through a rather positive development during the global financial crisis compared to other countries in the same area. It grew by 3.2% in 2009. However, in 2010, the economy went back to its normal growth rate and got a growth of 7.6% to achieve a GDP expansion of 10.6% in 2011, and an estimated growth of 10% in 2012.
This significant economic growth has resulted in the improvement of social indicators The poverty rate fell from 48.5% in 2002 to 27% in 2011 (28% according to Panama’s Ministry of Economic Affairs), while extreme poverty decreased from 21% to 11% during the same period. Even so, inequality is still rather high in Panama, as its Gini coefficient was 0,53 in 2011.
Microserfin offers his clients loans according to their needs. Among them, we can find credits to create a business and credits to build or improve the houses where clients carry out their productive activity.
Esteban Quezada