IIC Approves MX$100 Million for Tourism Sector in Yucatán, Mexico

09/11/2012

Local currency financing will be used to build and launch the Gran Museo del Mundo Maya in Mérida

Washington, D.C., September 10, 2012 — The Inter-American Investment Corporation (IIC) has approved a loan of up to MX$100 million to Promotora de Cultura Yaxché S.A. de C.V. for development of the Gran Museo del Mundo Maya de Mérida on Mexico’s Gulf Coast.

The proceeds of the loan, in local currency, will be used to co-finance and outfit the museum and to design and mount the exhibits. The proceeds will also be used for the museum’s upkeep, security, and operation. Once completed, the museum’s indoor space will measure 22,400 m², equivalent to two soccer fields.

“With this long-term loan in local currency, the IIC is supporting Mexican tourism, increasing its potential to benefit the local economy,” declared Rodrigo Navas, the IIC’s senior investment officer in charge of the operation. “The operation will promote and disseminate knowledge about the Mayan culture as one of the principal cultural symbols of Mexican identity.”

The Gran Museo del Mundo Maya is a project promoted by the government of the state of Yucatán and will form part of the tourism corridor stretching from Cancún to Mérida. The operation will generate employment for some 3,100 people during the construction phase and create another 300 jobs for the museum’s operation.

The partnership between the government and private sector was recently honored with the Partnerships Award 2012, a prestigious international accolade that recognizes public-private partnerships. The project has also received financial support from the Multilateral Investment Fund, a member of the Inter-American Development Bank (IDB) Group.

About the IIC

The IIC, a member of the Inter-American Development Bank Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For more information on the IIC’s activities, visit www.iic.org.

Contact: Rodrigo Navas

Telephone: +1 (202) 623-3926

Email: rodrigon@iadb.org