IIC Provides Support For Low- And Middle-Income Housing In Mexico

01/14/2004

WASHINGTON, D.C. - On January 14, 2004, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$3 million equity investment in The Discovery Americas I, L.P. in Mexico.

The purpose of the investment is to help reduce the shortage of housing for low- and middle-income families by providing financing for the construction of some 60,000 homes. Housing is one of most important industries in Mexico, and more than two-thirds of Mexican households can only afford low-and middle-income housing.

Under a coinvestment arrangement, the fund will provide critical equity facilities to mid-size developers to support the growth of an industry that faces a shortage of equity investments and an increased demand.

The operation will also help create thousands of direct and indirect jobs in this labor-intensive sector.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, securities and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC's activities, visit its Web site at www.iic.int.

Contact: Steven Reed/Jorge Luis Ciurlizza

Telephone: (202) 623-3981

Email: stevenr@iadb.org