IIC Approves A US$3 Million Credit Facility To The Caribbean Financial Services Corporation To Provide Financing To SMEs In Barbados, Guyana And Trinidad & Tobago
11/18/2003WASHINGTON, D.C. - On November 19, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$3 million credit facility to The Caribbean Financial Services Corporation, a regional private sector company based in Barbados. This Credit Facility will be used to finance small and medium-size enterprises in Barbados, Guyana and Trinidad and Tobago that require permanent working capital financing.
Through this operation the IIC will support a small corporation from Barbados to establish a permanent working capital funding program for SMEs that are underserved by the commercial banking system. It will allow the IIC to reach a greater number of private businesses while ensuring that its resources are used in accordance with its own guidelines and business strategies. It is expected that between twelve and fifteen small and medium-size companies will be financed through this facility.
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, securities 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. For more information on the IIC's activities, visit its Web site at www.iic.int.
Contact: Steven Reed/Victor Hugo Moscoso
Telephone: (202) 623-3981