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Responsible banking 05 Dec 2017

United Nations highlights the Microfinance Foundation’s work in integrating Sustainable Development Goals in its activity

The UN’s recognition of BBVA Microfinance Foundation (BBVAMF) is evident in the UN Sustainable Development Goals (SDGs) Fund’s new report entitled: “Sustainable Development Goals and the Private Sector”.

Guidelines appear in this guide that was produced by the SDG Fund, with the collaboration of its Private Sector Advisory Group, which the BBVAMF has belonged to since its inception in 2015, for companies to realize their potential in achieving the SDGs. The document thoroughly deals with the issue of universality, analyzing what it is and how it has been conceived in the new development agenda as the responsibility of all countries, including the active participation of businesses.

A model methodology

The presentation of the report, which took place in Madrid, featured the BBVAMF’s Manager of Strategy and Research, Giovanni di Plácido, who explained the key points of the organization’s work to the audience: “The Foundation has influence in eight SDGs: it does so directly in five and indirectly in three.”

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Currently, the Foundation has invested over $8.3 billion in productive loans for four million small entrepreneurs in Latin America. The results positively affect both the beneficiaries and their environment in many ways. “Greater access to financial services makes a difference in the investment that people make in reducing vulnerability, access to consumer goods, improving food safety and health, among others,” di Plácido said.

The Foundation’s work focuses especially on two objectives: to contribute to the eradication of poverty (SDG number 1) and to promote inclusive and sustainable economic growth (SDG number 8). However, the Foundation’s work goes beyond these two objectives.

The organization works exhaustively on encouraging gender equality and the empowerment of women (SDG number 5). At present, 60% of the more than 1.8 million people served by the organization are women. Inclusive and quality education (SDG number 4) is also present in its activity since in 2015 it provided financial education to nearly 400,000 people in vulnerable situations. As for SDG number 17, which refers to the importance of partnerships to achieve the goals, Giovanni Di Plácido said that “The United Nations Sustainable Development Program needs the active participation of the private sector.”

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