BBVA and IIC, A Multilateral Finance Institution That Is A Member Of The IDB Group, Sign Agreement To Support Business Governance In South America
Medellín, Colombia - On March 27, 2009, BBVA and the Inter-American Investment Corporation (IIC), the only multilateral finance institution mandated to support and provide financing for SMEs in Latin America and the Caribbean, signed a cooperation and technical assistance agreement for establishing targeted action areas to support the development of SMEs in the region.
This strategic partnership will enable the IIC to channel flows of funding, as well as nonfinancial value-added services, through BBVA South America to enterprises in the region. Nonfinancial services will consist primarily of performing diagnostic reviews of companies under the IIC’s FINPYME® program (www.FINPYME.org), promoting SME energy efficiency under the IIC’s GREENPYME program, and fostering good governance practices among family-owned companies.
Under the agreement, the IIC may also offer a range of medium- and long-term financial products to BBVA Group institutions in South America. Among these products are direct dollar-denominated and local-currency loans, lines of credit, guarantees, and pari passu agency lines to provide financing to companies in the region, preferably SMEs.
The agreement was signed by Vicente Rodero, BBVA Director for South America, and Jacques Rogozinski, IIC General Manager, during the fiftieth annual meeting of the Board of Governors of the Inter-American Development Bank and the twenty-fourth annual meeting of the Board of Governors of the Inter-American Investment Corporation.
"BBVA is committed to contributing to the development and growth of the economies where it operates. One of the best ways to do this is to support the business sector—especially SMEs, which are a significant source of jobs and revenue," said Mr. Rodero. He added that by signing the agreement the BBVA Group will enhance both its presence in the region and its visibility among its clients, especially the business segment.
According to Mr. Rogozinski, "This agreement is in line with the IIC’s efforts to go beyond financing and provide SMEs with the knowledge and tools they need in order to become more competitive. The IIC’s new programs, such as FINPYME, renewable energy and energy efficiency, and general technical assistance, promote the comprehensive development of SMEs in our countries."
BBVA is a global group that offers individual and corporate customers the most complete range of financial and nonfinancial products and services. It enjoys a solid leadership position in the Spanish market, where it first began its activities over 150 years ago. It also has a leading franchise in South America; it is the largest financial institution in Mexico, one of the twenty-five largest banks in the United States in terms of assets, and one of the few large international groups operating in China. BBVA employs 112,000 people in over 30 countries around the world and has more than 47 million customers and 890,000 shareholders. Please visit www.BBVA.com.
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2008, the IIC approved sixty-four operations channeling US$300.5 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int.
For BBVA South America:
Miguel Ángel Martín Esquivel
(+ 34-913-747884) / mamartin@grupoBBVA.com
(+ 1-202-746-0608) / email@example.com
For the IIC:
Contact: Miguel Ángel Martín Esquivel (BBVA South America)/Jorge Roldán (IIC)