IIC And The Italian Government Sign An Extension Of Their Agreement For Administering A €75 Million Trust Fund For SMEs In Argentina

12/12/2004

Washington, DC-On December 8, 2004, the Inter-American Investment Corporation (IIC) and the Government of Italy signed a two-year extension of the agreement under which the IIC oversees project finance operations under a €75 million facility established by Italy and Argentina for supporting small and medium–size companies in Argentina. Since the original Italian Special Trust Fund agreement was signed in 2002, the IIC has provided advisory services and reviewed ninety-nine projects and approved thirty-three projects for a total of €32 million. The projects have covered more than fifteen export-oriented sectors in sixteen provinces of the Republic of Argentina. A team from the IIC will continue to work out of the IDB field office in Buenos Aires in close cooperation with Argentina’s Secretaría de PYMES and Banco de la Nación to fund projects that foster job creation or preservation, are located in preferential areas, and are export-oriented.

The signing ceremony took place at the Inter-American Investment Corporation headquarters, in Washington, DC. Mr. Stefano Pontecorvo, Consigliere, Capo Ufficio VIII, from the Ministry of Foreign Affairs signed on behalf of the Government of Italy. Signing for the IIC was Mr. Jacques Rogozinski, General Manager.

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: Jacques Rogozinski

Telephone: (202) 623-3901

Email: sylviasz@iadb.org