Econoler pre-selected to support Caribbean Microfinance Institutions in next phase of IDB’s EcoMicro Program
Econoler is pleased to have been pre-selected as one of the consulting firms to work on the next phase of the Caribbean EcoMicro Program, in partnership with Canada’s Développement International Desjardins (DID). The EcoMicro Program is a technical-cooperation program of the Inter-American Development Bank’s Multilateral Investment Fund (IDB-MIF) focusing on the Latin American and the Caribbean regions. Over the last few years, Econoler has developed a deep understanding of the program’s objectives, having served as one of the shortlisted consulting firms in each year of the Program since it had been launched by the IDB-MIF.
Global Affairs Canada supports the Caribbean Program, which aims to help microfinance institutions (MFIs) in the region develop green-finance products so that micro, small, and medium enterprises (MSMEs) and low-income households can access clean energy, increase their energy efficiency, and adapt to climate change.
The Caribbean region’s electricity costs have been identified as a major constraint to sustainability. The energy sector’s dependence on imported petroleum products is the cause of persistently high prices directly affecting households and MSMEs, which have to spend extra resources to access energy services. This situation affects MSMEs and low-income households disproportionately, traps them in energy-related poverty, and often results in low productivity. At the same time, the Caribbean countries are highly vulnerable to the impact of climate change. The investment in green technologies, including renewable energy and energy efficiency (RE/EE) and adaptation technologies proposed by the EcoMicro Program, can help reduce their energy dependence and climate-change vulnerability.
Since the Program’s inception, Econoler has been entrusted with several assignments. In 2016, Econoler performed the market study and partner scoping for the expansion of the EcoMicro Program to the Caribbean region. In 2014, in consortium with DID, Econoler supported the Fundación Paraguaya (FP, Paraguay) in designing and implementing an Ecomicro project to develop a green finance product to enable FP’s clients to purchase efficient cookstoves and other energy-efficient equipment; this project also supported FP in evaluating and managing the climate risk within its portfolio and improving EE in its operations.
Econoler is looking forward to new opportunities to assist the EcoMicro program and collaborate with participating MFIs in implementing their EcoMicro projects.