IIC Focuses On Financial Administration For SMEs in Costa Rica

11/17/2011

San Jose, Costa Rica – On November 17, 2011, the Inter-American Investment Corporation (IIC) conducted a workshop for Costa Rican exporters on the subject of financial administration and exchange rate management. Following the FINPYME ExportPlus program launching last September 28, the workshop signals the start of the actual technical assistance phase aimed at companies in the exporting sector of Costa Rica.

The subject of financial administration customized for the local SMEs has been jointly developed by the IIC and its local partner, the Costa Rican Chamber of Exporters (CADEXCO). The larger bulk of financial management tools available tends to focus on larger companies and institutions. Through this workshop, the IIC has helped bring these theoretical tools and ideas to meet the realities of fast-moving, smaller companies that are built differently from their bigger counterparts. Twenty-two representatives from 22 companies attended the workshop, which also covered the broader subject of administrative structuring in order to place the exchange rate management tools into better context for the entrepreneurs.

As much as the overseas market promises growth, it also poses risks to the smaller companies. Tools such as those provided today through FINPYME ExportPlus will help strengthen the Costa Rican SMEs as they leverage the opportunities of the international market while minimizing the various disruptive variables that will come from tapping into a larger market so that their export strategies will be sustainable.

"We have always understood the need for financial administration," says James Tait, President of Taste of the Tropics de Centroamérica S.A., a company developing food products from local produce for export. "It is just that as a growing company we can’t invest in every need for management that arises. Providing administrative solutions in modules with clear steps to follow, as the IIC and CADEXCO have done today, gives us a practical solution to tackling the issues of sustainable and responsible decision-making without having to set aside huge amounts of time and budget."

Participation in the FINPYME ExportPlus program is free of charge to participating companies thanks to the financial support of a key IIC donor, the Republic of Korea. For additional information on the program, please contact Mr. Andrés Alfaro in Costa Rica at aalfaro@cadexco.net or (506) 2528 5810 (ext.44).

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved 49 operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, visit www.iic.org

Contact: Jouhyun Park

Telephone: + 1 (202) 623-2165

Email: jouhyunp@iadb.org