IIC Partners with Factors Chain International to Bring Advisory Services and Financing to Latin American and Caribbean Factoring Companies
Vancouver, Canada, June 20, 2014 — The Inter-American Investment Corporation (IIC) signed a memorandum of understanding with Factors Chain International (FCI), helping factoring companies across Latin America and the Caribbean access IIC financing, training, and advisory services.
“Through our collaboration with FCI we hope to work with a greater number of factoring companies across the region, supporting them and their clients with both financing and non-financial services,” noted IIC General Manager Carl Muñana.
Factors Chain International is a global network of factoring companies with more than 270 members across 76 countries. Through this strategic partnership, the two institutions aim to strengthen FCI’s existing network of factoring companies in Latin America, empowering them to serve and expand their existing clientele of small and medium enterprises (SMEs).
"The collaboration with IIC will bring to our Latin American members a new financing source for their export factoring operations, possible equity investments, donor-funded technical assistance, and other non-financial supports. This is the first collaboration agreement ever signed by FCI with a multilateral organization, and we hope that it will mark the beginning of new ones which we are currently discussing with other multilaterals like the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and others," noted FCI Secretary General, Mr. Peter Mulroy.
The signing of this memorandum will be announced during FCI’s Annual Meeting in Vancouver and is part of the IIC’s continued effort to build strategic relationships with international organizations for the benefit of SMEs across Latin America and the Caribbean.
FCI was founded in 1968 and facilitates open account trade by supporting the growth of the factoring industry globally. The organization promotes rules and best practices widely used by banks and factoring companies for cross-border correspondent factoring, and has developed a state of the art correspondent factoring system. FCI has also created a robust education platform, providing e-learning, seminars, and other targeted education support to its members. In addition, the organization promotes the factoring industry through innovative marketing efforts, conferences, and lobbying.
In 2013, factored cross-border trade receivables totaled €403 billion, of which FCI members accounted for nearly 85%. FCI is recognized as the voice for the global factoring industry by institutions including the Banking Commission of the International Chamber of Commerce (ICC), the World Bank Group, EBRD, the Inter-American Development Bank (IDB) Group, the Asian Development Bank, and the African Export-Import Bank.
About the IIC
The IIC, a member of the IDB Group, promotes private-sector development in Latin America and the Caribbean with a focus on SMEs. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Michael Apel
Telephone: +1 (202) 623-2521