Peru: Latin American and Caribbean seminar promoting financial inclusion though development bank financial innovation policies
Development banks play an important role in financial inclusion by innovating financing schemes, both directly and through collaboration with other financial institutions. There is space for collaboration with the private financial sector to generate possible synergies that could lead to an innovation of mutual benefit. This is one key aspect that financial innovation should focus on.
In accordance with this objective, the seminar addresses three central aspects of development bank financial innovation: product innovation, process innovation, and, institutional innovation.
The seminar is oriented towards development bank executives and is part of a larger ECLAC project aimed at promoting the development of a wide range of financial instruments that enable development banks to boost the financial inclusion of SMEs, considering SMEs’ central role in the productive fabric and job creation in the regional economies.
Through the exchange of experiences amongst leaders and experts from development banks in the region, the seminar aims to advance in the financial inclusion objective and strengthen the role that development banks can play in the design of instruments and financial innovation to promote financial inclusion of SMEs.