Belize Joins The Inter-American Investment Corporation

03/14/1999

Third new member country since IIC was established in 1986 PARIS, FRANCE - Belize became the thirty-seventh member country of the Inter-American Investment Corporation (IIC) at a signing ceremony held today at the "Palais des Congrès" in Paris, on the occasion of the Annual Meetings of the Boards of Governors of the IIC and the Inter-American Development Bank. The document was signed by IDB President and Chairman of the Board of the IIC Enrique V. Iglesias and Belize's Minister of Budget Planning and Management, Economic Development, Investment and Trade, Mr. Ralph H. Fonseca.

Other Belize officials present were Keith Arnold, Governor, Central Bank; Glen Godfrey, President, Development Finance Corporation; Barry Bowen, Senator; Michael Aschroft, Ambassador to the United Nations; Alexander Piletsky, Ambassador to Austria; Edward Billy Musa, President of James Brodies & Co.

Belize, now a shareholder of the Inter-American Investment Corporation is looking forward to the Corporation’s support to one of its most important economic sectors: small and medium-scale enterprises. With Belize the Corporation now includes in its membership all of the borrowing members of the IDB.

The over all mission of the IIC, a member of the IDB Group is to promote economic development of Latin America and Caribbean by providing financing for small- and medium-size private enterprises in its member countries.

To fulfill its mission, the Corporation provides project financing in the form of direct loans, direct equity investments, lines of credit to local financial intermediaries, and investments in local and regional venture capital funds.

The original signatory countries of the IIC are Argentina, Bahamas, Barbados, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Trinidad and Tobago, Uruguay, and Venezuela (Latin America and the Caribbean); Austria, France, Germany, Italy, The Netherlands, Spain, and Switzerland (Europe); and Israel, Japan, and the United States. Denmark became a member on July 16, 1997 and Suriname became a member on March 16, 1998.

Contact: Steven Reed

Telephone: (202) 623-3981

Email: stevenr@iadb.org