IIC Signs Contract With Banco Montevideo In Uruguay

10/28/1999

The IIC will contribute to the development of the banking sector to the benefit of small and medium-size enterprises in Uruguay WASHINGTON, D.C. - The Inter-American Investment Corporation (IIC) signed a $15 million agency line with Banco Montevideo. The funding will help small and medium-size companies in Uruguay modernize or expand their operations to become more efficient and competitive. Banco Montevideo will serve as the IIC’s agent by virtue of its wide-ranging, successful experience and the high quality of its asset portfolio.

The signing ceremony took place today at Banco Montevideo's offices. The document was signed by Mr. Mario San Cristobal, President of Banco Montevideo; Mr. Alejandro Suzacq, General Manager of Banco Montevideo; and Mr. John C. Rahming, General Manager of the IIC.

The IIC will contribute to Banco Montevideo’s institutional development by providing environmental review training, thus ensuring compliance with the IIC’s environmental and labor review requirements. In addition, the operation is expected to create jobs, foreign exchange, and goods and services in Uruguay.

Contact: Steven Reed

Telephone: (202) 623-3981

Email: stevenr@iadb.org