IIC and KEMCO Promote Energy Efficiency in Latin America and the Caribbean

08/01/2013

IIC and KEMCO sign memorandum of agreement to reaffirm their long-term partnership and determine the best outcome for an upcoming joint project in Bolivia

Washington, D.C., August 1, 2013 — The Inter-American Investment Corporation (IIC) and Korea Energy Management Corporation (KEMCO) have signed a memorandum of agreement governing a joint project to be carried out in Bolivia under the IIC’s GREENPYME program. The signing ceremony took place at IIC headquarters in Washington, D.C. Mr. Jong-Rip Byun, president of KEMCO, and Mr. Carl Muñana, general manager of the IIC, signed on behalf of their respective organizations.

In June 2012, the IIC and KEMCO signed a memorandum of understanding to promote and develop energy efficiency programs and projects and climate change mitigation strategies. In October 2012, the IIC and KEMCO carried out their first joint project under that memorandum. Sponsored by the Korea-IIC SME Development Trust Fund, the project provided a group of energy auditors selected by the IIC with specialized training in Korea.

“The IIC and KEMCO have been building on the foundations of their excellent partnership since 2008. Our training program for energy experts held in Korea last year was a good example of how the right funding combined with the right expertise can achieve the best results. We hope our collaboration brings mutual benefits to the energy sector and especially small and medium-sized enterprises (SMEs), as this sector has significant potential in the Latin America and the Caribbean region,” noted Jong-Rip Byun.

Carl Muñana acknowledged KEMCO’s expertise and experience, adding, “The forthcoming cooperation with KEMCO will surely advance the IIC’s efforts to serve SMEs across the Latin America and the Caribbean region in the field of energy efficiency. It is in our best interest to follow a proactive approach with strategic partners like KEMCO to ensure the achievement of mutually beneficial results, with a view to deepening our cooperation in support of the development of our target market of small and medium-sized enterprises.”

KEMCO is a public institution whose mission is to promote energy efficiency, renewable energies, and climate change mitigation. Its objective is to foster a culture of energy use that is sensitive to climate change by promoting more rational use of energy resources and providing technologies for new sources of energy.

GREENPYME helps businesses become more competitive by reducing their energy costs and emissions of greenhouse gases. This is achieved by adopting energy efficiency measures and investing in efficient technologies. GREENPYME is part of the IIC’s flagship FINPYME initiative and has trained nearly 1,000 SMEs in Latin America and the Caribbean since its launch in 2008.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.

Contact: Jorge Roldán

Telephone: +1 (202) 623-3948

Email: jorgero@iadb.org