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The Multilateral Investment Fund of the Inter-American Development Bank (IADB) has approved US$5mn in financing for projects in four Latin American countries to support the growth of small businesses and microenterprise.

Argentina: Convertible loan of US$2mn, US$390,640 grant and US$200,000 guarantee for a project to be carried out by FIE Gran Poder SA to increase the coverage of microenterprise and small businesses by the formal financial system. The project will promote the creation of a regulated formal private financial intermediary that specialises in financing small economic units and facilitate productive investment in three new geographic areas of greater Buenos Aires.

Brazil: US$1.125mn grant to the Lyndolpho Silva Foundation to assist agricultural microenterprises and small businesses, especially organic farm producers, through technical support, improved market access and increased production quality.

El Salvador: US$790,000 grant to Fundaci ín para el Desarrollo Sostenible de la Peque ía y Mediana Empresa to train young entrepreneurs in Soyapango and to provide financial and technical assistance to small business start-ups.

Peru: US$510,000 grant to Centro de Estudios para el Desarrollo y la Participacin to increase productivity and improve working conditions in microenterprises and small businesses through training programs in cost-effective practices that will enable small firms to enhance health and safety for employees.

The Multilateral Investment Fund, an independent fund administered by the IADB, is dedicated to promoting private sector development in Latin America and the Caribbean through grants and investments.