IIC Signs Framework Agreement with Bancóldex

09/22/2011

Agreement will promote and advance the FINPYME initiative in Colombia

Washington, D.C. – On September 23, 2011, the Inter-American Investment Corporation (IIC) and Bancóldex signed a framework agreement to coordinate implementation activities in Colombia for a variety of programs under the FINPYME® initiative, as well as to promote and implement other activities developed by the IIC and Bancóldex in support of private enterprise, especially SMEs.

This partnership between Bancóldex and the IIC involving nonfinancial services was formed in 2009, with the launch of the IIC’s FINPYME Diagnostics program, and since that time has included support for the organization of workshops on family-owned SME governance in Bogotá and Medellín.

"Signing this agreement is in keeping with our role as a development agency and rediscount bank for Colombian entepreneurs and a reaffirmation of our ongoing search for financial and nonfinacial instruments to help Colombian businesses improve their productivity and competitiveness, and thereby contribute to the overall development of the country," noted Santiago Rojas Arroyo, Chairman of Bancóldex.

According to Jacques Rogozinski, General Manager of the IIC, "Partnerships like these make it possible for the Corporation to increase its capacity to deliver value-added nonfinancial services to SMEs and underscore our committment to the region’s private sector. In addition, such partnerships facilitate ongoing development of different support initiatives for SMEs in Colombia, primarily those offered under the IIC’s FINPYME brand."

The areas of collaboration agreed upon by both institutions include the organization of training workshops to help boost SME competitiveness in those areas identified in the IIC’s diagnostic reviews of companies as well as IIC workshops on family business governance.

The agreement was signed at 11:30 a.m. at the offices of the IIC. Signing for Bancóldex was its Chairman, Santiago Rojas Arroyo, and for the IIC, its General Manager, Jacques Rogozinski.

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 2010, the IIC reached US$1.4 billion in assets and approved 49 operations, channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.org

Contact: Paula Urbano

Telephone: (202) 623-2075

Email: paulau@iadb.org