IIC Signs A Cooperation Agreement With Société De Promotion Et De Participation Pour La Coopération Économique (PROPARCO)
10/18/2007Both institutions share the same developmental mandate to promote the private sector by providing long-term financing in developing and transitional countries
Washington, DC, USA – On October 19, 2007, the Inter-American Investment Corporation (IIC) and PROPARCO signed a cooperation agreement that will allow both institutions to share projects, thereby sharing their risks, and cooperate in other areas. The IIC and PROPARCO share the common view that such cooperation can help improve the impact and efficiency of their support for the development of the private sector in their common target countries and sectors.
The IIC and PROPARCO will undertake joint-projects such as risk assessments, appraisal missions, preparation of credit proposals, negotiations, and documentation. They will also undertake joint deal sourcing, joint training sessions, and development of joint environmental and social standards, as well as the exchange of information, know-how, and expertise, and measurement of development effects. The goal of both institutions is to improve the expertise of the operations staff and the efficiency and quality of their work.
Common target countries of both institutions are Bahamas, Barbados, Brazil, Dominican Republic, Guyana, Haiti, Jamaica, Suriname, and Trinidad and Tobago. Both institutions target projects in the private sector that have a sustainable developmental impact. In Brazil, in addition, private sector projects should be in line with strategic objectives such as the fight against global warming, the protection of biodiversity, the fight against pandemics and emerging diseases, and "South-South" operations, such as Brazilian companies developing projects in other countries.
The signing ceremony took place at the IIC headquarters in Washington, DC. Signing for Proparco was Mr. Luc Rigouzzo, CEO. Mr. Jacques Rogozinski, General Manager, signed for the IIC.
PROPARCO is a financial development institution partially owned by the French Development Agency and partially by private shareholders. Its mission is to catalyze private investment in developing countries. Its sectoral strategy is adapted according to the level of development of the country in question and focuses on the manufacturing, financial, and infrastructure sectors. PROPARCO invests in a wide range of companies throughout the world– from large emerging countries to the poorest nations. PROPARCO provides a complete range of financial instruments serving the precise needs of private investors in developing countries (loans, equity investments, guarantees, structured finance). For more information on PROPARCO’s activities, please visit www.proparco.fr
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, 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 member countries by encouraging 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, please visit www.iic.int.
Contact: Sylvia Szankay
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