IIC Provides An Innovative Tool For Supporting Small And Medium-Size Enterprises In Central America
12/28/1999Through this new mechanism the IIC will further the development of leasing in the region WASHINGTON, D.C. — On December 9, 1999, the Board of Directors of the Inter-American Investment Corporation (IIC) approved the purchase of $15 million in operating lease receivables from El Camino Resources de América Latina, Inc. The purchase of these receivables, which are for operating leases in Costa Rica, El Salvador, and Guatemala, will support small and medium-size companies seeking to modernize, expand, and become more efficient and competitive.
Using this new type of operation the IIC will contribute to the expansion of the leasing market in Costa Rica, El Salvador, and Guatemala. IIC participation will help these three countries to develop their leasing markets and introduce operating leases. Particularly noteworthy is the training that the IIC will provide the lessors in evaluating environmental impact and compliance with the IIC’s environmental, safety, and labor requirements.
The operation is expected to help create more than 300 jobs, generate more than $60 million annually in foreign exchange, and contribute more than $225 million per year to the region’s GDP.
Contact: Steven Reed
Telephone: (202) 623-3981