Inclusive Markets

Stating the Problem

Latin America is the region with most inequality in the world, and 46% of its 586 million inhabitants live below the poverty line.


Micro- enterprises and small and growing businesses provide livelihoods for most Latin Americans and can generate business opportunities that in addition to their economic function, produce a significant social and environmental impact. Their key role in Latin America indicates an untapped potential to incorporate tens of millions of people into the economy.

Common Goal

Generate wealth in an accelerated, innovative and sustainable manner through the development of inclusive businesses and markets, improving the quality of life for Latin Americans.

Change Strategy

  • Collaborate and develop partnerships to improve the business environment and match supply and demand
  • Influence the way in which the industry and markets behave through communication strategies
  • Demonstrate Latin America’s ability to develop and operate successful inclusive businesses supporting growth for a high-potential portfolio

International Alliances


  • Provide massive technical assistance and training for entrepreneurs
  • Mobilize credit and capital to bridge the investment gap

Lessons in Building the Impact Investing Ecosystem

Over the past few years, the global impact investing industry has experienced significant progress, mobilizing capital in pursuit of more positive social and environmental impact while still maintaining significant levels of financial return. While such progress largely has been concentrated in the US and Europe, there is great potential for its development in Latin America.

Avina has been one of the pioneer organizations promoting and strengthening the impact investing sector in Latin America by supporting inclusive businesses, markets and various impact investment funds, such as, Adobe Capital in Mexico, Inversor in Colombia, Sitawi in Brazil, Pymecapital in Central America and Bolivia, and FIS in Chile, among others.

In 2012, The Rockefeller Foundation, Omidyar Network, Avina Americas and Fundación Avina partnered to help develop the impact investing ecosystem in Latin America. This new venture was marked by a forum in Sao Paulo, Brazil that attracted more than 150 leading investors who identified the most pressing barriers and promising opportunities to strengthen the industry in the region.

Findings from the Latin American Impact Investing Forum provided the basis for the Impact Economy Innovation Fund (IEIF) which was set up with the goal of catalyzing collective action and regional market development that accelerates market-driven solutions by supporting the efforts of pioneering actors. The attached paper, “Lessons in Building the Impact Investing Ecosystem” was developed throughout this process and summarizes the lessons learned, challenges encountered and opportunities created as the impact investing industry moves forward in Latin America.

Thank you for your commitment to the impact investing sector. We trust that this paper will be of interest to you and valuable to your organization’s efforts in this field.

Download the paper here.