IIC And Banco Del Desarrollo Are To Execute An Agreement

08/26/2001

Increased financing for small and medium-size enterprises The disbursement of up to ten million dollars will be made over a three-year period Washington, D.C. - The Inter-American Investment Corporation (IIC) signed an equity investment agreement with Banco del Desarrollo to strengthen small and medium-size enterprises (SMEs) in Chile. The agreement will also make it possible to gain a significant market share in regions other than the Santiago metropolitan area.

The equity investment calls for a maximum of ten million dollars to be invested over a three-year period as of the execution of the agreement. The signing ceremony took place Monday, August 27, at the bank's offices (Alameda 949, 18th floor), at 1.30 p.m. Present from the IIC were Mr. Enrique Iglesias, Chairman of the Board of Executive Directors, and Mr. Jacques Rogozinski, General Manager. Present from Banco del Desarrollo were Mr. Vicente Caruz, President, and Mr. Hugo Trivelli, General Manager.

Under the terms of the equity investment, and thanks to its increased indebtedness capacity, Banco del Desarrollo will provide financing to thousands of SMEs in Chile. It will also help to maintain stable sources of employment and, ultimately, foster the growth and consolidation of the Chilean economy.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank 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 borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size

Contact: Jorge Roldán

Telephone: (202) 623-3919

Email: jorgero@iadb.org