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IDB signed four cooperation agreements for projects financed by the Multilateral Investment Fund (MIF) during IDB's latest Latin America and Caribbean microenterprise forum Foromic, held in Guadalajara, Mexico.
With US$2mn in financing, Mexico lender Banamex will carry out the first project which aims to promote energy efficiency among 45,000 local SMEs through investment credit in green equipment, an IDB press release said.
Relief development agency Mercy Corps Guatemala will carry out the second project with US$1.35mn in financing. The goal is to promote SME growth and development by facilitating access to new networks and markets in Guatemala. The project will also provide business consulting through online platform MicroMentor.
The third project will be administered by the municipal government of Tequila in Jalisco, Mexico, with US$797,720 in financing. It will seek to develop a public-private partnership model to provide basic services to local low-income families, IDB said.
The fourth project provides US$1mn in financing to be used by the Insurance Corporation of Belize to promote low-income insurance coverage in the nation. Specifically the project will offer affordable property insurance for members of credit cooperatives who live in rural areas and work in Belize's farm sector.