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Latin america: a story of diversity, cultural Latin america: a story of diversity, cultural Identity and economic Development Identity and economic Development

Presented by IMPACT

October 3, 2013

Moderated by Mayra Sacco - BNY Mellon Government Programs

Panelists: Dino Sani - BNY Mellon Treasury Services Latin America

Amilcar Priestley - AfroLatin@ Project

Jose F. Avila - New Horizon Investments

The AfroLatin@ Project

Founded in 2005 via a Ford Foundation grant, The Afrolatin@ Project (afrolatinoproject.org) works to empower Afrodescendant communities in Latin America and the Caribbean and to document their experiences using digital tools. The Project develops strategies for using technology for social and economic inclusion.

Mobile Telephony in Latin America & the Caribbean Argentina- 66%/141.8%

Bolivia- 12%/66%

Colombia 50.4%/103.7%

CR-43%/110%

DR38.7%/91.9% as of ‘11

Panama-27.7%-96.4%

Paraguay-17.1%/96%

Mobile Banking and Micro-Financing in Developing Countries

• M-banking is delivery of financial services outside conventional bank branches using mobile phones and nonbank retail agents.

• M-banking initiatives in 72 countries; 41 started in 2012. Most successful m-banking initiative to date is M-Pesa in Kenya, recently replicated in India.

• Combining m-banking and microfinance may increase access to credit, loans, savings and deposits.

• Impediments: Lack of mobile infrastructure; regulatory issues; concerns of traditional banks; products not publicized so much of community does not use; other alternatives.

• Proposed solutions: Partnerships between banks and regional mobile network operators to create “agent networks” made up of small business owners and airtime resellers can be supported via microfinance. Assess local needs, partner with state, NGO’s & cooperatives.

Gross Domestic Product in Latin America

Projected

Country 2010 2011 2012 2013 2014Argentina 9.2 8.9 1.9 2.8 3.5

Brazil 7.5 2.7 0.9 3 4

Chile 5.8 5.9 5.5 4.9 4.6

Colombia 4 6.6 4 4.1 4.5

Ecuador 3.3 8 5 4.4 3.9

Paraguay 13.1 4.3 -1.2 11 4.6

Belize 2.7 1.9 5.3 2.5 2.5

Costa Rica 4.7 4.2 5 4.2 4.4

Honduras 3.7 3.7 3.3 3.3 3

Panama 7.5 10.8 10.7 9 7.2

Since 2000, New Horizon Investment Club has been turning the modest contributions of its members into substantial returns. The investment club founded by a handful of Honduran immigrants in New York City, most without even a personal savings account, now has a portfolio worth nearly a quarter of a million dollars.

New Horizon Investments

• Diaspora Economic and Financial Empowerment aim should be to become promoters of the Economic development of our countries of origin.

• Goal will be to increase multiplier effect of our investments in our local economies, by pursuing community level investments in commercial or productive infrastructure.

• Develop local markets in our communities of origin.

Goals

The Garífuna Culture as Economic Development

Making Capitalism and the Free Enterprise System Work for Poor People!

Development of an infrastructure within poor communities, for economic development, business development, and job creation.