President Uribe re-emphasized on Monday the importance of microfinance as well as the positive impact it has had in Colombia and much of the Developing World. The introduction of microfinance into areas that otherwise lack access to traditional forms of finance will undoubtedly raise living standards and welfare, he said. Uribe points out that such an all-inclusive system of finance has already done much in Colombia to raise the nutritional and educational standards of Colombia. This year alone, microfinance was able to touch nearly four million Colombians, two million of which for the first time.
Even in spite of the current economic downturn, Uribe believes that microfinance will play pivotal roles in both revitalizing the economy out of the slump and its long term development down the road. He praised microfinance and the work of many MFIs as the “best solution at the lowest cost” and, in his closing remarks, made calls to make access to microcredit easier and faster.