Washington D.C., United States, January, 31 2008 - The Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) today approved a US$1.9 million grant to further the development of the microfinance industry in the Caribbean

The specific objective of the grant is to implement a capacity-building project that will enable the Caribbean microfinance institutions (MFIs) to improve financial performance and outreach.

The operation includes five key components: performance assessments, implementation of capacity-building plans, good practice incentive award, strengthening of the capacity of the Caribbean Microfinance Network, and dissemination of lessons learned.

This project is co-financed by the European Commission through the African Caribbean and Pacific (ACP) Microfinance Project, and by the Caribbean Development Bank (CDB).  Bahamas, Belize, Jamaica, Barbados, Trinidad & Tobago, Suriname, Guyana and the Organization of the Eastern Caribbean States (OECS) countries will benefit from this project.

The MIF, an autonomous fund administered by the IDB, promotes development of micro- and small enterprise in Latin America and the Caribbean.