IIC and BDC of Trinidad and Tobago Sign Letter of Intent

05/15/2011

Washington, DC - On April 26, 2011, the Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank Group (IDB), and Business Development Company Limited (BDC) signed a letter of intent and agreed to cooperate in areas common to both Institutions.

Under this framework, the IIC and BDC will jointly provide three technical assistance workshops, including one on internet marketing, to small and medium-sized enterprises (SMEs) in Trinidad and Tobago. The participants will be identified through FINPYME Diagnostics, a program under the IIC’s FINPYME® family of initiatives. FINPYME Diagnostics is a two-phase program that identifies areas with management challenges and follows up with specific individual and group technical assistance activities to improve the competitive position of the company. It is expected that each seminar will accommodate 30 participants.

FINPYME, an IIC technical assistance program financed by the Korea-IIC SME Development Trust Fund, is a diagnostic tool for SMEs intended to help companies improve their competitiveness and plan for their growth. Mr. Chow, President of BDC, hailed this collaboration with the IIC as "a step in the right direction as we seek to develop a more diversified and knowledge-intensive economy".

About BDC

Business Development Company Limited (BDC) is the implementing agency for the Government of Trinidad and Tobago’s policy for enterprise development. BDC is also the official trade promotion organization of Trinidad and Tobago, including of international business promotion and export certification.

BDC offers an impressive and comprehensive portfolio of solution-driven products and services. These include consultancy and business advisory, export certification, financial support, international business promotion support, trade assistance, and training. For more information on BDC’s activities, please visit www.bdc.co.tt.

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank Group. 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. It does so by providing 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 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.

Contact: Michael Apel (in Washington D.C.)

Telephone: (202) 623-2521

Email: michaela@iadb.org