Madrid, 25 (European Press)
Spain is the second country in the world with the largest contribution to development through private philanthropy, after the United States and followed by the United Kingdom and Switzerland, according to the latest data published by the Organization for Economic Co-operation and Development (OECD).
This is evidenced by the second edition of the OECD report “Private Philanthropy for Development: Data for Action”, which brings together figures provided by 205 organizations from 32 countries that, between 2016 and 2019, contributed more than €42.5 billion to development. . More than half of these funds were provided by organizations in the United States. The Bill & Melinda Gates Foundation accounts for 38% of the total.
In the case of Spain, of the $3,987 million contributed by Spanish private entities as a whole, $3621 million was spent by BBVA Microfinance Foundation (FMBBVA) microfinance institutions between 2016 and 2019 in countries receiving official development assistance in Latin America, In the most unequal area in the world.
“These results are a reflection of our commitment to the 2.8 million people with few resources, whom we serve with a model focused on their progress, which has proven effective over the years and, especially now, has become an essential tool to support and support the FMBBVA, Javier M. Flores, emphasized.
The report identifies Latin America as the region of the world that receives the most funds, at $6.7 billion, primarily from the BBVA microfinance institution, and large local organizations in Mexico, Colombia and Brazil.
In addition to being the first institution to contribute to development in Latin America, this report confirms that the BBVA Microfinance Foundation is a world-leading institution, ranked first after the Bill & Melinda Gates Foundation.
The study also reveals that FMBBVA is the second in the world to commit the most money to agriculture, followed by the Howard G. Buffet Foundation and Mastercard, to support development in rural areas, where the level of poverty is highest.
It also recommends that institutions adhere to high standards for impact assessment. 53% of the institutions that participated in this study had a unit or department dedicated to this work. This is the case of the FMBBVA, which has its own social impact measurement model, which provides economic and social information on entrepreneurs, with indicators for adapting decisions and adjusting their products and services according to their needs.
“Private philanthropy for development has an essential role in providing specific resources, mobilizing private capital, and testing innovative approaches that support developing societies,” said OECD Secretary-General Matthias Kormann, during the presentation of this report. He also highlighted his ability to adapt to changing situations with agility.
Contributing to institutional development is more essential than ever at a time when COVID-19 has had a devastating impact sending 100 million people into extreme poverty, according to the ‘Global Outlook for Sustainable Development Finance 2021: A New Way’ Invest for People and Planet , also published by the Organization for Economic Co-operation and Development.
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