IIC Signs Memorandum Of Understanding With Banco Del Desarrollo To Further Growth And Development Of The Chilean Economy

03/20/2001

SANTIAGO, CHILE - The Inter-American Investment Corporation (IIC)1 signed a memorandum of understanding with Banco del Desarrollo, a leading Chilean commercial bank with a long history of successfully financing small and medium-scale enterprises.

The purpose of the agreement is to continue the negotiations that should soon lead to a $10 million equity investment. Such an investment will strengthen the bank's position in the Chilean banking market and attract new investors; it will also enable the bank to efficiently meet its goals to the benefit of small and medium-size enterprises.

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1 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 further information on IIC's activities, please visit our Web site (www.iadb.org/iic) or contact Mr. Jorge Roldán at 202-623-3948.

Contact: Roldan Trujillo

Telephone: (202) 623-3922

Email: sylviasz@iadb.org