Inclusive Savings with Shared Agents (IADB-BL-M1009)

Countries
  • Belize
Where the impacts of the investment may be experienced.
Financial Institutions
  • Inter-American Development Bank (IADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 11, 2014
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Belize Credit Union League
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.38 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 0.57 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IADB website

Updated in EWS Jun 27, 2017

Disclosed by Bank Sep 6, 2016


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Project Description
Credit Unions play an important role in the financial system of Belize, but they struggle to meet the changing needs of the market. The problems stemming from limited institutional capacity result in a sector with inflexible services offering high transaction costs. In order to overcome these limitations and improve and diversify the services offered to beneficiaries, this project seeks to: (i) improve the stability of Credit Unions through the implementation of best practices in management, accounting, model of operations and credit management using the sector monitoring tool (PERLAS) for decision making; (ii) reduce high transaction costs through the adoption and promotion of technologies (mobile banking, shared branches, bank SMS) and (iii) increase and diversify the services offered to members in order to better compete with Its competitors. The purpose of this project is increased access to and use of formal savings products by CCT recipients and remittances clients in Belize, through the development of financial products and services tailored to this population.
Investment Description
  • Inter-American Development Bank (IADB)
The USD 0.38 million dollar investment is in the form of Non-Reimbursable Technical Cooperation, funded through the MIF-Small Enterprise Development Facility. Belize is offering counterpart financing of USD 198,855.
Contact Information
ACCOUNTABILITY MECHANISM OF IADB The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).