IIC Sponsors The Yearly Meeting Of Heads Of Special Operations Units From International

10/11/2006

Washington, D.C. - On October 12, 2006, the Inter-American Investment Corporation (IIC) hosted the yearly meeting of the heads of special operations units of international lending organizations and agencies.

The purpose of the meeting was to plan the agenda and other special operations issues to be discussed at the 2007 Special Operations Seminar (SOS) to be held in Warsaw, Poland, organized by the European Bank for Reconstruction and Development. This is the only seminar specialized in recoveries and the management of problem assets at such organizations. These seminars enable the investment officers of these units to compare practices and problem project management within each institution and to share lessons learned.

Special operations units manage problem assets. They are in charge of problem loan and equity investment workouts, as well as executing security to collect on such operations.

Present at the meeting were the heads of special operations units from the International Finance Corporation (IFC), the Inter-American Development Bank (IDB), Deutsche Investitions-und Entwicklungsgesellschaft (DEG), KfW Bankengruppe, Netherlands Development Finance Company (FMO), the European Bank for Reconstruction and Development (EBRD), Overseas Private Investment Corporation (OPIC), and the Inter-American Investment Corporation (IIC). The Asian Development Bank and France’s PROPARCO are also members of the group. The African Development Bank (ADB) will attend the 2007 Special Operations Seminar (SOS).

The IIC created its special operations unit in 1997 to preserve the IIC’s capital via efficient recovery strategies. By sponsoring this event, the IIC confirms its commitment to improving problem project workout and recovery practices.

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 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, please visit www.iic.int.

Contact: Jorge Pacheco

Telephone: (202) 623-3951

Email: jorgepach@iadb.org