IIC Approves MX$26 Million for Developing Information and Communications Technology in Mexico
The local-currency funding will help a Mexican company broaden and innovate as it provides services for public sector institutions
Washington, D.C., August 5, 2014 – The Inter-American Investment Corporation (IIC) approved a line of credit of up to MX$26 million for Mexican company Orben Communications S.A.P.I. de C.V. for financing the provision of information and communications technology (ICT) services to federal government ministries and agencies.
“The IIC’s support will be strategically important for our enterprise’s development, in human terms as well as in economic, social, and environmental terms,” said Marianela Santos, Orben’s general director. “The IIC’s evaluation process was also very valuable in that it provided international comparisons for our human resources operations, our business plan, and our environmental policies. We proved that Orben’s operations are up to world-class standards. The result strengthened our team’s resolve to redouble efforts toward maintaining and improving every aspect of our company. We are certain that this will trigger exponential growth in the coming years.”
“With this loan, the IIC incentivizes the development of new business models in the ICT sector and fosters the strengthening and competitiveness of a Mexican company in this sector,” said Carlos Martínez Gama, the IIC investment officer in charge of this operation.
Orben is a company domiciled in Monterrey, Mexico, that provides ICT services to companies and government entities. Its services include system design, as well as supply and installation of equipment. It also offers long-term monitoring and support services. Orben has more than 15 years of experience in the sector. It employs 60 people, 28% of them women. Direct employment is expected to increase by 78% by 2017.
In addition to the line of credit, the IIC supports Orben with advisory and training services for applying US generally accepted accounting principles (GAAP) in order to increase Orben’s capacity to obtain financing in Mexico and abroad.
A second advisory product will support decision making by the management and the board of directors through the implementation of an enterprise resource planning (ERP) system and a balanced scorecard. Orben’s shareholders will also attend the IIC corporate governance seminar for family businesses, scheduled for September of this year.
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 (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Carlos Martínez Gama
Telephone: +5255-5141-2492 in Mexico City