US Senators pitch for $1.3 billion in aid to Latin America

Microfinance Focus, Aug. 7, 2009: U.S. Senators Bob Menendez and Mel Martinez have introduced the Social Investment and Economic Development for the Americas Act of 2010 in the House to provide $1.3 billion in assistance to Latin America and the Caribbean meant for micofinance, public-private partnerships and capacity building for trade promotion.
The bill seeks to create a fund for microfinance sector called the Microfinance Growth Fund for the Americas (MGFA) to provide countries in Latin America and the Caribbean with stable, medium-term and long-term sources of finance to microfinance institutions.

The second one the Public-Private Fund for Social and Economic Development in the Americas (PPFSEDA) envisages to bring together the public, private, and non-profit sectors for advancing long-term social and economic development in the region by combining expertise and resources.
In addition, the legislation seeks to build energy cooperation in the region by promoting renewable energy sources and engage the countries in climate change.

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