IIC launches an initiative in the Caribbean to promote transparent business environment for small and medium-sized companies

09/13/2011

FINPYME Integrity, improves small and medium-sized enterprises’ capacity to incorporate integrity, transparency, and anti-corruption practices in their day to day business

St. Michael, Barbados - On September 6, 2011, the Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank (IDB) Group, launched the FINPYME Integrity Program in Barbados. Companies attending learned how implementing ethical business practices contributes to a company’s economic, environmental, and social impact. This initiative is possible thanks to the support from a key IIC member country, the Republic of Korea, through the Korea-IIC SME Development Trust Fund.

During 2010, the IIC partnered with organizations such as the International Trade Administration (ITA) of the U.S. Department of Commerce to create a "train the trainers" tool kit to help bring business ethics principles such as integrity and transparency to the level of local small and medium-sized enterprises (SMEs) in a more effective way. After the FINPYME Integrity launching in the Caribbean, the IIC intends to perfect the toolkit by seeking input from local companies and business ethics professionals, and ultimately make it available as a public good to scale up its reach throughout Latin America and the Caribbean.

To implement the program, the IIC is collaborating with local organizations that serve the unique needs of local businesses in each country. The IIC’s strategic partners for the program are The Cave School of Business, The Barbados Manufacturers Association, The Barbados Small Business Association, and The Barbados Coalition of Services Industries.

Through FINPYME Integrity, the IIC and its partner organizations will share best practices in business ethics for SMEs across the Caribbean region through a series of group and individual technical assistance activities. Experts will work with SMEs to create a strategic vision regarding ethics and integrity, develop a business and a code of conduct, and adopt international standards for fighting corruption.

About the IIC

The IIC is a multilateral financial institution whose 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.org

Contact: Rebeca Sánchez de Tagle

Telephone: (202) 623-3636

Email: rebecast@iadb.org