IIC to launch FINPYME program in Brazil with support from the Confederação Nacional da Indústria

06/28/2011

This initiative will help small and medium-sized enterprises become more competitive

Brasilia, Brazil – On June 28, 2011, the Inter-American Investment Corporation (IIC) signed a technical cooperation agreement with the Confederação Nacional da Indústria (CNI) at the CNI facility in Brasilia. The purpose of the agreement is to implement the FINPYME Diagnostics program in three states in northeastern Brazil: Ceará, Paraíba, and Pernambuco.

FINPYME Diagnostics is a two-phase program. First, it identifies areas presenting management challenges. In the second phase, it delivers individual and group technical assistance. The goal of the program is to provide SMEs with the same tools that large companies have at their disposal for gathering and analyzing data on their operations, identifying problems, and drawing up action plans. Each SME that completes the FINPYME diagnostic review process will receive an action plan setting out the measures it should take to make the operational changes needed to better prepare for seeking long-term bank financing.

Luis Alberto Moreno, President of the Inter-American Development Bank and Chairman of the Board of Executive Directors of the IIC, said "The FINPYME program complements other IDB Group actions to foster sustainable economic growth. FINPYME will show us the competitive position of our enterprises and spell out what they need to do to improve their possibilities for growing and competing in the global market."

According to CNI President Robson Braga de Andrade, "This is an opportunity for Brazilian companies to benefit from a complete business review, including a competitiveness road map."

About CNI

The Confederação Nacional da Indústria is the voice of Brazilian industry. It actively defends the interests of the productive sector. CNI advocates for industry in promoting competitiveness, sustainable development, and a favorable business climate in Brazil. For more information, visit www.cni.org.br

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 forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int

Contact: Jorge Roldán

Telephone: (202) 623-3948

Email: jorgero@iadb.org