IIC Aproves A Second Loan To FEPADE In El Salvador

11/30/2004

Washington, D.C.- On December 1, 2004, the Inter-American Investment Corporation (IIC) approved a US$1,100,000 loan to Fundación Empresarial para el Desarrollo Educativo (FEPADE II), in El Salvador, to build an auditorium with a capacity for three hundred people and purchase furnishings and equipment for the new facility. This is the second IIC loan to FEPADE.

FEPADE is a private nonprofit institution that promotes and supports the technical and professional development of the people of El Salvador. FEPADE provides training seminars and courses and administers programs all over the country. In 2002, the IIC approved a US$4.3 million loan to build a new campus. The project was completed successfully in August 2004. IIC participation in this second transaction will help FEPADE complete a project with high economic and social impact. The loan seeks to broaden FEPADE’s training capacity to more than 5,000 students each year in El Salvador. FEPADE especially targets the middle and working classes, offering flexible and convenient class schedules.

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: Steven Reed/Gustavo Romero

Telephone: (202) 623-3981

Email: stevenr@iadb.org