Established in 1993 as part of the Inter-American Development Bank (IDB) Group, the MIF is the largest provider of technical assistance for private sector development in the Latin American and Caribbean region.
In its 17-year history, the MIF has approved over 1,700 projects, committed over US$ 1.5 billion and mobilized a total of over US$ 2.7 billion in the LAC region, reaching over 4 million beneficiaries.
The MIF plays a distinct role within the IDB Group, pursuing innovative ways to build economic opportunity and decrease poverty. It has successfully tested, experimented and searched for innovative solutions and approaches, and is an effective agent of change by achieving large-scale, sustainable change in the thinking or behavior of individuals, policy-makers, organizations or businesses.
In recognition of these results, in 2005 the Donor countries decided to replenish the MIF’s resources, extend its term and enhance its focus through new defining agreements (Agreement Establishing MIF II, signed on April 9 in Okinawa, Japan). The MIF´s resource replenishment and MIF II came into effect in March 2007.
In developing MIF II, Donors sought to embody the lessons of experience and position the MIF to meet current and evolving needs of the Region, reinforcing proven success factors. Donors emphasized the importance of maximizing the MIF’s development impact, by:
- focusing resources on areas where there is both a critical need for assistance, and where MIF interventions can make a measurable difference;
- testing and introducing new ideas and piloting concepts to stimulate and build support for larger scale changes; and
- continuously improving MIF’s development effectiveness through an integrated focus on results, which calls for the clear identification of what is to be accomplished, effective measurement of the results attained, and widely sharing the knowledge gained from its experience.