IIC Participates In Investment Fund To Support Small And Medium-Size Companies In The Caribbean
05/12/1999Investment will benefit several economic sectors in the region WASHINGTON, D.C. - On May 3, 1999, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a $7.5 million equity investment in The Caribbean Investment Fund L.P. The fund's objective is to invest via equity and equity-related instruments in private companies located in the Caribbean region. The fund has a target capitalization of between $50 million and $150 million.
IIC's funding will provide long-term capital support to small and middle-market private companies in the Caribbean region, where there is a shortage of equity capital. Given its diversification strategy, the fund will reach several economic sectors, as well as different countries in the region. Also, the fund is expected to reach some 25 final beneficiaries during its expected life, creating about 750 new jobs, an estimated $125 million in annual export earnings, and contributing about $250 million annually to the region's GDP after the fund is fully invested.
Contact: Steven Reed
Telephone: (202) 623-3981