List of Figures

Figure 1: The Number of Microfinance Institutions…005

Figure 2: The Number of Active Borrowers…005

Figure 3: Microfinance Institutions' Gross Loan Portfolio…006

Figure 4: Microfinance Institutions' Operational self-sufficiency (OSU)…007

Figure 5: Annual GDP growth…043

Figure 6: Foreign direct investment…044

Figure 7: Exchange rate…045

Figure 8: MFIs' Assets…047

Figure 9: The number of MFIs' Borrowers and Depositors…047

Figure 10: Borrowers per loan officer and cost per Loan…048

Figure 11: MFIs' financial performance indicators…048

Figure 12: Cost per borrower and OSU…055

Figure 13: Return of assets and GDP…061

Figure 14: ROA and OSU…065

Figure 16: Borrowers per loan officer…067

Figure 16: Annual GDP growth…071

Figure 17: Foreign direct investment…072

Figure 18: MFIs' assets…075

Figure 19: Number of borrowers and depositors…075

Figure 20: Borrowers per loan officer and cost per loan…076

Figure 21: Financial performance indicators…077

Figure 21: Cost per borrower, operation self-sufficiency and gross loan…083

Figure 22: ROA and OSU…091

Figure 23: Borrowers per loan officer…094

Figure 24: Annual GDP growth…099

Figure 25: Foreign direct investment…100

Figure 26: MFIs' Assets…102

Figure 27: The Number of active borrowers…102

Figure 28: Cost per borrower…103

Figure 29: Financial performance indicators-OSU…103

Figure 30: Cost per borrower, OSU and average loan…110

Figure 31: ROA and OSU…118

Figure 32. Borrowers per loan officer…120

Figure 33: Loan officers-Peru and Latin America…135