IIC launches FINPYME® Program in Cali, Colombia

11/01/2009

The official launch of FINPYME in Cali will take place on Friday, November 6. FINPYME is a free diagnostic review program that helps make small and medium-size enterprises more competitive.

Cali, Colombia. November 2, 2009. Colombia's President Álvaro Uribe Vélez will attend the official launch of the FINPYME program (www.FINPYME.org) in Cali. The program will provide support for developing small and medium-size Colombian enterprises.

The event is set for 8:30 A.M. on Friday, November 6, at the Gran Salón of Cali's Hotel Intercontinental.

Also present at the launch will be National Planning Director Esteban Piedrahíta, Inter-American Investment Corporation (IIC) Executive Director Luis Guillermo Echeverri, IIC Technical Assistance and Strategic Partnerships Division Chief Jorge Roldán, President of the Cali Chamber of Commerce Julián Domínguez, Universidad ICESI Rector Francisco Piedrahíta, and representatives from the donor countries (Korea and Spain).

SMEs from Cali that might be eligible to participate in the FINPYME program have been invited to attend the event. FINPYME is a methodology developed by the IIC to perform diagnostic reviews of companies and propose competitiveness improvement plans for them.

At least forty enterprises will be selected to participate in the program. They will receive free diagnostic reviews thanks to financial support from two donor countries, Korea and Spain. The reviews will look at participating enterprises' operations and identify their strengths and areas in need of improvement in order to make them more competitive and improve their access to sources of medium- and long-term financing. The FINPYME diagnostic reviews will be performed by professionals from Universidad de los Andes and the Cali Chamber of Commerce trained by the IIC.

Each enterprise will receive a detailed report on its competitive position, intellectual capital, and innovativeness, as well as a diagnostic review of its current and future plans, environmental performance, and economic and financial position.

Eligible enterprises must have been operating in the market for at least three years, have annual sales of at least one billion colombian pesos, and, preferably, be export-oriented.

The FINPYME program is being launched in Cali with support from Bancóldex, Bancolombia, and BBVA. These banks are firmly committed to supporting the development of small and medium-size enterprises in Colombia.

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) 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. In 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 million to SMEs in the region. 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. For more information on the IIC’s activities, please visit www.iic.int.



Contact: Jorge Roldán

Telephone: (202) 623-3948

Email: jorgero@iadb.org