IIC And ICWI Sign Innovative Agency Agreement That Will Benefit The English-Speaking Caribbean

10/07/2008

The agreement with ICWI grows out the IIC’s decision to focus on generating projects in the English-speaking Caribbean


The Honorable Dennis Lalor; Mr. Jaques Rogozinski (right)

Washington, D.C. – On October 8, 2008, the Inter-American Investment Corporation (IIC) and Jamaica’s ICWI Investments Limited signed an agency agreement under which ICWI will operate as the IIC’s agent in Bahamas, Barbados, Belize, Guyana, Jamaica, and Trinidad and Tobago. ICWI will identify and evaluate SMEs that might be eligible for receiving equity investments with an exit or repayment mechanism based on their sales revenue. ICWI will also work with the IIC to close and disburse each transaction.

This agreement is in response to current market conditions and the scarcity of long-term financing in the English-speaking Caribbean. The IIC-ICWI partnership is expected to increase investor confidence and have a multiplier effect on private investing in the region. Loans and investments will range between US$1 million and US$10 million each.

The signing ceremony took place in the IIC’s offices in Washington, D.C. Mr. Jacques Rogozinski, General Manager, signed for the IIC. The Honorable Dennis Lalor, Chairman, signed for ICWI.

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. In 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 million to SMEs in the region. 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, please visit www.iic.int.



Contact: Tomás Bermúdez (in Washington D.C.)

Telephone: (202) 623-1933

Email: tomasb@iadb.org