The growing role technology plays in expanding financial inclusion in Latin America and the Caribbean was one of the main themes of the 19th annual Foromic conference, which closed today in Montego Bay, Jamaica. The issue was central to both the opening remarks by Inter-American Development Bank (IDB) President Luis Alberto Moreno, and to the closing remarks by Brigit Helms, General Manager of the IDB’s Multilateral Investment Fund (MIF), organizer of the event. More than 1,200 people from 43 different countries participated in this year’s Foromic.
In his speech, Moreno cited research from McKinsey and Company that finds that widespread adoption of digital finance could boost the GDP of all emerging economies by up to $3 trillion annually over the next decade. Helms echoed Moreno’s call to strengthen the technology infrastructure and financial services market in the region, adding that the subject of digital innovation will be central to next year’s Foromic, which will take place in Argentina.
Digital finance was also a central focus of two publications presented at the event: the 2016 Global Microscope, an annual assessment of the financial inclusion environment in 55 countries which this year highlighted the advances many countries have made in offering and regulating digital financial services; and the MIF’s latest report on financial inclusion data and trends in Latin America and the Caribbean.
During the event, Moreno signed agreements for two new MIF projects:
· Support for the Desnoes and Geddes Foundation’s Project Grow initiative, which will incorporate small-scale cassava farmers as suppliers for one of Jamaica’s leading brand names, the Red Stripe brewery; and
· Technical assistance (from the Nordic Development Fund) and a mutual guarantee fund (from the MIF) for Asociación Goal Internacional to boost the competitiveness, environmental resilience, and sustainability of artisanal fishing companies in Honduras.
About the Inter-American Development Bank
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.