This  month,  Fundación  Tropicalia  received  great  news  from  the  Multilateral  Investment  Fund  (MIF)  of  the  Inter-American  Development  Bank  (IDB)  –  our  innovative,  socio-economic  development  project  which  will  incorporate  local  businesses  into  Tropicalia’s  supply  chain,  received  the  first  of  two  approvals  for  funding.  Having  received  “eligibility”  status  from  an  IDB  commission  based  in  Washington,  D.C.,  technical  teams  from  Fundación  Tropicalia  and  the  FOMIN  can  get  to  work  on  designing  the  minute  details  of  the  project  and  present  it  for  final  approval  before  the  year’s  end.

ABOUT OUR PROJECT
Executing  Agency:  Fundación  Tropicalia

Partners:  United  States  Agency  for  International  Development’s  (USAID)  Rural  Economic  Development  Foundation  and  the  Multilateral  Investment  Fund  (MIF)

Other  key  players:  Tropicalia,  Odebrecht,  Auberge  Resorts,  Estancia  La  Querencia,  Universidad  Abierta  Para  Adultos,  Fondo  para  el  desarrollo  (FONDESA),  others. 

Project  Description:  The  MIF  and  Tropicalia  seek  to  devise  an  inclusive  business  model  and  procurement  methodology  that  supports  the  development  of  the  municipality  of  Miches  as  a  tourist  destination.    The  MIF  and  Tropicalia  seek  to  incorporate  small  farmers,  agricultural  entrepreneurs  and  small  service  providers  into  Tropicalia’s  value/supply  chain  and  that  of  its  development  partners,  Odebrecht  and  Auberge  Resorts.    Examples  of  small  to  medium  sized  enterprises  based  in  Miches  that  could  provide  a  product  or  service  to  Tropicalia  and  its  partners  follow:  maintenance,  cleaning,  transportation,  tourist  guides,  artisan  crafts,  organic  produce,  flowers  and/or  other  plant  life  for  gardens  and  décor,  among  others.  The  project  hopes  to  create  and/or  strengthen  30  local  enterprises  and  benefit  up  to  500  farmers.

About the IDB:
Established in 1959, the IDB is the largest source of development financing for Latin America and the Caribbean, with a strong commitment to achieve measurable results, increased integrity, transparency and accountability. While the IDB functions as a regular bank, it is unique in some key respects. Besides loans, the IDB also provides grants, technical assistance and research. IDB’s shareholders are 48 member countries, including 26 Latin American and Caribbean borrowing members, who have a majority ownership of the IDB. Given the IDB holds a strong financial position and is to borrow in international markets at competitive rates and transfer that benefit to its clients.

About the MIF:
Established in 1993, as part of the Inter-American Development Bank (IDB) Group, the Multilateral Investment Fund (MIF) was created to develop effective approaches to increase private investment and advance private sector development, improve the business environment and support micro and small enterprises in order to support economic growth and poverty reduction in the region. The MIF finances about 100 projects per year, with a total finance volume of about US$100 million. MIF project benefits reached over 600,000 individuals and businesses in 2010.

A core MIF mission is to act as a development laboratory – experimenting, pioneering, and taking risks in order to build and support successful micro and SME business models.