IIC Signs A Memorandum Of Understading With Al-Invest III Consortium
Washington, DC- On February 8, 2006, the Inter-American Investment Corporation (IIC) signed a memorandum of understanding with AL-Invest III Consortium. The memorandum provides a general framework that will facilitate cooperation between AL-Invest III and the IIC, promote financial initiatives in Latin America at the regional, national, and sectoral level, and support financial institution, networking and capacity building.
The work program under the memorandum of understanding will promote economic development in the AL-Invest and IIC common beneficiary countries. It will do so by supporting private sector development; establishing customized financial instruments in support of innovative and competitive industrial companies in beneficiary countries; facilitating investment flows; providing technical support to small and medium-size enterprises to meet required practices and corporate governance standards; creating new financial solutions using advanced financial engineering techniques focused on emerging market demand and on different market scenarios; promoting the transfer of technologies and technical expertise; fostering partnerships and networking activities and stimulating international experience-sharing as an important element of strengthening knowledge and capacity. The program will also seek to spur the exchange of information, studies, reports, and publications on subjects and issues of common interests.
Al-Invest is a program created by the European Commission to generate business between Latin American and European companies, in particular small and medium-size enterprises, and to develop and strengthen civil society networks.
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, 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 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: Jacques Rogozinski
Telephone: (202) 623-3901