IIC Hosts Yearly Meeting of Heads of Special Operations Units from International Financial Organizations and Agencies

10/05/2011

The agenda included lessons learned from problem operations and the development of management indicators for each participating institution

Washington, D.C. - On October 4 and 5, 2011, the Inter-American Investment Corporation (IIC) hosted the yearly meeting of heads of special operations units from international and bilateral financial organizations and agencies.

The purpose of the meeting was to plan the agenda for the Special Operations Seminar to be held in South Africa in April 2012, organized by the South African Development Bank. This is the only seminar focusing on problem asset recovery and management for international lending organizations and agencies. Present at the meeting were the heads of special operations units from KfW Bankengruppe, the Asian Development Bank, the European Investment Bank, the Nordic Investment Bank, the Inter-American Development Bank, DEG (Entwicklungsgesellschaft mbH), the African Development Bank, the European Bank for Reconstruction and Development, FMO, the KfW IPEX-Bank, the Overseas Private Investment Corporation, and the International Finance Corporation.

According to Jorge Pacheco, Chief of the Special Operations Unit at the IIC, "This yearly meeting is a key forum to exchange information on how each participant manages their problem assets, to prepare the agenda for the annual meeting, and to work on joint projects. These meetings have been held every year since 2000 and have been extremely useful for those of us who work on these issues."

Special operations units manage problem assets. They are in charge of problem loan and equity investment workouts, as well as executing security to collect on such operations. The IIC created its Special Operations Unit in 1997 to preserve the IIC’s capital by means of efficient recovery strategies.

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: Jorge Pacheco

Telephone: (202) 623-3951

Email: jorgepach@iadb.org