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Financial inclusion 05 Apr 2016

The BBVA Microfinance Foundation receives Queen Letizia to explain the activity it carries out

Francisco González has presented Queen Letizia with the BBVA Microfinance Foundation’s “2015 Social Impact Report. Measuring what really matters”. Among other details, this report highlights that 32.5% of the people served by the entity escapes poverty two years after joining the entity, and after three years their sales increase by 57%.

The report was presented during a working meeting of the BBVA Microfinance Foundation attended by Queen Letizia and BBVA’s Group Executive Chairman, Francisco González, the Foundation’s director, Javier Flores, the members of its board of trustees and the heads of each area. During the meeting, the attendees informed Queen Letizia of the entity’s work supporting people with low income and small businesses to improve their future. “The BBVA Microfinance Foundation was created as part of the Group’s Social Responsibility framework with the mission of promoting the sustainable and inclusive economic and social development of underprivileged people. A mission aligned with the purpose of bringing the age of opportunity to everyone”, said Francisco González.

This entity has a unique and differential model based on two lines of activity. On the one hand, it supports the creation of a group of sustainable microfinance institutions in Latin America, and on the other it promotes initiatives designed to transform the sector. Its latest report examines the milestones achieved in 2015 and reflects the progress made by the 1.7 million people served by the Foundation in seven Latin American countries: Colombia, Peru, Dominican Republic, Chile, Panama, Argentina and Puerto Rico.

The figures perfectly illustrate the Foundation’s progress: the 917,186 people served have loans with one of the Foundation’s microfinance entities. The Foundation pays special attention to the most vulnerable profiles. 83% are poor people, of which 47% are illiterate or have only completed primary education. The entity is very conscious of women, who make up 61% of its beneficiaries, and has specific programs for them. In addition, it pays special attention to the people who live on the street, refugees, convicts or indigenous populations.

The BBVA Microfinance Foundation has been recognized by United Nations for its contribution to the Sustainable Development Goals (SDG) for the eradication of poverty, the support for economic growth and decent work and gender equality.

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