Canada Signs the IIC Charter

10/30/2013

Washington, D.C., October 30, 2013 — The Inter-American Investment Corporation (IIC) is pleased to announce that on October 11 Canada completed a very important step in the path to formalize its membership in the organization by signing the Agreement Establishing the Inter-American Investment Corporation.  The treaty was signed by Ambassador Allan Culham, permanent representative of Canada to the Organization of American States.

In 2012, the Board of Governors of the IIC approved the incorporation of Canada as IIC’s 45th member country, subject to the fulfillment of certain requirements, one of which was completed today.

Mr. Carl Muñana, IIC’s General Manager stated: “All of us at the IIC are excited about Canada soon becoming our 45th member country.  We very much welcome Canada’s pledge to join our mission to foster development in Latin America and the Caribbean through the private sector. We look forward to our future collaboration and thank Canada for its continuous support, an example of which is Canada’s commitment to effective access by the IIC to the Canadian Climate Fund for the Private Sector in the Americas.”

Canada is already a member of the IDB and has been a strong partner in supporting investments in Latin America and the Caribbean. In 2001, Canada provided the equivalent of US$11.2 million to fund the Canadian Technical Cooperation Fund, which supports social reform through consultancy services. Canada is also committed to addressing climate change issues. In 2012, it established the Canadian Climate Fund for the Private Sector in the Americas (C2F). Canada has committed US$250 million to the C2F (managed by the IDB) to catalyze private-sector investment in climate change mitigation and adaptation in Latin America and the Caribbean.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2012, the IIC approved more than 70 operations totaling some US$400 million. Since its inception in 1989, the IIC has approved approximately 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org

Contact: Monika Russell-Wood

Telephone: +1(202) 623-3877

Email: monikas@iadb.org