IIC launches FINPYME technical assistance phase in Trinidad and Tobago

11/18/2010

Port of Spain, Trinidad and Tobago – On November 18, 2010, the Inter-American Investment Corporation (IIC) launched the technical assistance phase of the FINPYME program in Trinidad and Tobago, in collaboration with the University of the West Indies and Development Finance Limited. This new phase of the FINPYME program began with a group-based workshop, which dealt with issues surrounding international marketing and the development of new markets abroad. The workshop was delivered by an international consultant hired by the IIC.

FINPYME, an IIC technical assistance program financed by the Korea-IIC SME Development Trust Fund, is a diagnostic tool for small and medium-sized enterprises (SMEs) intended to help them improve their competitiveness and facilitate their access to potential sources of financing.

The program has already been implemented in Central America and Colombia, and was launched in five countries of the English-speaking Caribbean: The Bahamas, Barbados, Belize, Jamaica, and Trinidad and Tobago. Companies participating in this program are active in many different sectors, such as agriculture and agribusiness, financial services, general manufacturing, and tourism and hotels.

Thanks to funding from the Republic of Korea, many of these SMEs are eligible to receive individual technical assistance designed to assist them in resolving some of the operational problems highlighted in their diagnostics. In addition, all companies will be invited to group technical assistance sessions consisting of a series of practical workshops where the participating companies will be sharing experiences. Group sessions are important because they provide an opportunity to participate in practical workshops in small groups of participants. Workshop topics are chosen based on the diagnostics, which means that they are relevant to the companies. By participating in the workshops, the companies can also share their experiences and through brainstorming or role-playing they can look at their issues from a fresh perspective and find solutions.

The IIC has already provided group technical assistance workshops to participating SMEs in Jamaica and Belize this year. SMEs participating in those workshops benefited from sessions on customer relationships and marketing, among other topics, where they were given a toolkit. For more information on the FINPYME Program, please visit www.iic.int/finpyme

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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int

Contact: Michael Apel

Telephone: (202) 623-2521

Email: michaela@iadb.org