How do you sustainably promote financial inclusion? Medellín may have the answer

Empresas Públicas de Medellín (EPM) has created a social financing program that grants revolving credit to its customers by means of credit cards. By Lucas Figal Garone and Liliana Olarte Rodríguez Normally, in a development bank like the Inter-American Investment Corporation (IIC), the story of an innovative project starts with a question that unites businesses with economic development. For example: how can we sustainably promote financial inclusion among the poorest and most vulnerable groups in society? Financial inclusion is a broad issue, although in recent decades attention has been focused mainly on micro-credit. More recently, global enthusiasm has been waning. Critics argue that microcredit increases the debt level, worsens well-being and fails to have the hoped-for positive effects in other […]

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Global Tourism Industry on Track for Full Recovery by 2024

The global tourism industry is set to reach, and possibly surpass, pre-pandemic levels by the end of 2024, according to the World Economic Forum (WEF). Five years post-COVID-19, the sector is experiencing a robust resurgence driven by a surge in international travel, improved air connectivity, and strong rebounds in key regions. However, global dynamics must be managed carefully to ensure stable and continuous growth. In 2023, international tourism reached 88% of its 2019 levels, a significant recovery favored by the reopening of Asian markets, as highlighted by the United Nations World Tourism Organization (UNWTO). The Middle East led the way, surpassing pre-pandemic levels by around 20%, with Europe, the Americas, and Africa following close behind at approximately 90% of their […]