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In Peru Lagarde lauds young entrepreneurs in LatAm for driving innovation

In Peru Lagarde lauds young entrepreneurs in LatAm for driving innovation

Posted by Juan Gavasa on December 04, 2014

International Monetary Fund, IMF, Managing Director Christine Lagarde has concluded her visit to Peru with a packed schedule which took her to the interior of the country to observe social inclusion programs and a meeting where she lauded young Latin American entrepreneurs.

"Thinking about my son, who is starting a company, I would say that to be an entrepreneur one needs to be brave, have technical abilities and the ability to focus on clients," she said Wednesday, in reply to questions put forth by young businesspeople and entrepreneurs at the National Library in Lima.

In the meeting titled "Entrepreneurship in Latin America: Challenges and Opportunities," she talked about the role of failure as a base for innovation. "The blueprints for financing should be designed such that there is a margin for failure. We are not going to be successful every time we enterprise. The most successful businessmen have failed; learned from it and tried again," she said.

Lagarde, the first woman to head the IMF since it was founded in 1944, said that the Latin American region lacks sufficient government support for young businesses who try to promote new products. In this regard, she urged the authorities and financial entities to facilitate credit access to these entrepreneurs, as they currently end up paying higher interest rates and offering bigger guarantees to obtain capital than established ones.

She also gave the example of California and Scandinavian countries like Finland where education is used as model for promoting innovation. She then emphasized the global challenge, especially in emerging markets, to increase women's participation in the education systems.

Earlier in the day, Lagarde, accompanied by Peruvian First Lady Nadine Heredia, visited the interior of the country to learn about different social programs for the rural population. She also took time to visit the construction site of the Convention Center in Lima, where the IMF's annual meeting is to be held in October 2015.

Lagarde's next stop is Santiago de Chile where she is to stay for three days to participate in the conference "Challenges for Securing Growth & Shared Prosperity in Latin America," which is jointly organized by the Chilean government.

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