The College of the Bahamas signs an MOU to participate in the IIC's FINPYME Program
05/05/2008Both organizations signed a Memorandum of Understanding for the College of the Bahamas to participate as the IIC’s FINPYME agent in the Bahamas
Nassau, Bahamas-The Inter-American Investment Corporation (IIC) signed a Memorandum of Understanding (MOU) today with the College of the Bahamas (COB) outlining the bases of cooperation between both institutions to implement the FINPYME program in the Bahamas.
Under this program, the IIC will provide training to COB professors so that COB can serve as the IIC’s FINPYME agent in the Bahamas. The College of the Bahamas will use the FINPYME methodology to carry out diagnostic reviews of at least twenty companies in the Bahamas. The public launching of this program in the Bahamas will take place later this year, and interested companies will be invited at that point to attend in order to learn more about the program.
"I think that this is a wonderful opportunity for our faculty to participate in this project. The diagnostic work should also be beneficial to the companies involved in the project. We thank the IIC for inviting the College of the Bahamas to be a part of this initiative," affirmed Mrs. Rhonda Chipman-Johnson, Executive Vice-President of the College of the Bahamas.
FINPYME (Spanish acronym for Innovative Financing for Small and Medium-size Enterprises) is a unique review and evaluation methodology tailored to the needs of existing companies. The goal of the program is to provide SMEs the kind of tool large corporations use to collect and analyze data about their operations, detect problems, and define plans of action. SMEs that complete the FINPYME diagnostic review will receive a plan of action outlining what steps the company should take in order to make the changes necessary in its operations so that they are better prepared when requesting long-term financing from the banking sector. The IIC expects that many of these companies will also be eligible for technical assistance to address the needs identified through the diagnostics.
This Program is financed primarily with resources from the Korea-IIC SME Development Trust Fund, established after the Republic of Korea joined the Corporation as a donor member country. The Austrian Trust Fund at the IIC has also contributed resources to be dedicated to technical assistance activities. More information on the FINPYME program can be found at www.finpyme.org.
Signing on behalf of the College of The Bahamas were President Janyne M. Hodder and Dr. Rhonda Chipman-Johnson, Executive Vice-President and Vice President, Academic Affairs. Also in attendance to witness the signing were Remelda Moxey, Chair, School of Business, and facilitators of the programme, Michael Rolle, Daniel Thompson, Bernadette Robbins, and Dr. José Velasquez.
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. 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, visit www.iic.int.
Contact: Michael C. Apel
Telephone: (202) 623-2521