BARBADOS will host this year’s XV Inter-American Microenterprise Forum (Foromic 2012), the biggest annual microfinance and microenterprise development event in Latin America and the Caribbean, from October 1 – 3 this year. Foromic 2012 is being organized by the Multilateral Investment Fund (MIF), a member of the IDB Group, in collaboration with the Government of Barbados.
The forum will have the participation of impact investors and delegates from financial and microfinance institutions, associations of micro-entrepreneurs, government agencies, non-governmental organizations, international organizations, foundations and the academia working in the sector.
More than 1,000 participants are expected to attend Foromic, which for the first time ever will be held in an English-speaking Caribbean country.
This year’s event will focus on innovative ways to unlock entrepreneurship.
As in previous years, the latest developments in microfinance will be at the centre of the event, which will have panels presenting lessons learned about the effective use of new technologies in providing financial services, improvements in corporate governance, and promising innovations in rural and agricultural finance.
The first day of the conference, Oct. 1, will focus on Barbados and the Caribbean, with panels discussing development opportunities for small businesses, microfinance, entrepreneurship among youth and women, and emerging business from renewable energies.
Discussions on Day 2 will highlight innovative financing models for small and medium-sized businesses, as well as expanding business models to provide financial services for the poor beyond microfinance, to include savings.
The last day features panels on impact investing as an opportunity for the Caribbean, and ways to unlock female entrepreneurship. Improving client protection and financing models to finance green businesses, particularly related to renewable energy and energy efficiency, will close the conference.
During the event’s inauguration, the MIF will deliver the Inter-American Awards for Microenterprise Development. The ceremony will announce awards for the following categories: best microfinance and microsavings institutions in Latin America and the Caribbean, and the best institution promoting livelihood opportunities for disadvantaged youth.
Also, during the inauguration, the MIF will announce the winner of the award for excellence in local entrepreneurship in Barbados. This award is sponsored by Citi Foundation.
MIF is the largest provider of grants for private sector development in Latin America and the Caribbean. Since its founding in 1992, MIF has been a major supporter of microfinance and microenterprise development in the region.
With Foromic in its 15th year since 1998, the microfinance sector has come a long way. While, in 1998, the region had only 205 microfinance institutions serving 1.5 million customers, today, Latin America’s close to 700 institutions attend to more than 12.5 million customers, who receive more than $15 billion in loans annually.
Registration is now open for Foromic 2012, to be staged in Bridgetown, Barbados from Oct. 1–3.