IIC Promotes Corporate Governance in Jamaican SMEs

04/25/2012

FINPYME Diagnostics program provides custom-tailored assistance to companies across Latin America and the Caribbean

Montego Bay, Jamaica — On April 24, 2012, the Inter-American Investment Corporation (IIC) held the fifth in a cycle of workshops designed to help Jamaican small and medium-sized enterprises (SMEs) tackle key management issues including corporate governance, operations management, and international marketing.

This latest workshop in the series focused on good governance structures and succession planning for family businesses and is part of the IIC’s ongoing effort to promote good governance under the 2011 Corporate Governance Development Framework.

Lawrence Nicholson, workshop facilitator and lecturer at the University of the West Indies, noted: “Eight out of ten businesses worldwide are family-owned. On average, three survive to the second generation and only one to the third generation. Succession planning is one of the key issues affecting the long-term survival of SMEs and therefore stands at the core of sustainable business management.”

The training courses are part of the IIC’s FINPYME Diagnostics program, which helps companies identify key challenges affecting competitiveness and access to financing. Experts analyze management processes of selected companies and identify topic areas for subsequent workshops.

FINPYME Diagnostics was launched in Jamaica in 2009 and has since benefited dozens of SMEs across the country. The initiative looks back on a ten-year history covering a total of 15 countries in Latin American and the Caribbean. Further expansion is in the works with the launch of the program in Brazil scheduled for later in the year.

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 2011, the IIC reached US$1.48 billion in assets and approved 71 operations channeling US$464.7 million to SMEs in the region. For more information on the IIC’s activities, visit www.iic.org.

Contact: Jorge Roldan

Telephone: (202) 623-3815

Email: jorgero@iadb.org