IIC Strikes Partnership with Korean Standards Association and Yonsei University

05/30/2014

Seoul, Republic of Korea, May 30, 2014 — The Inter-American Investment Corporation (IIC) signed Memorandums of Understanding with the Korean Standards Association (KSA) and the Yonsei University College of Engineering in Seoul, Korea, paving the way for closer collaboration and synergy between Korea and Latin America and the Caribbean.

“The Memorandums give us an opportunity to leverage our mutual experience promoting excellence across our respective regions,” noted IIC General Manager Carl Muñana. “Through our collaboration with both the KSA and Yonsei University, we hope to share our insights and harness their expertise to further bolster our advisory services under the FINYPYME brand.”

The Korean Standards Association (KSA) is an agency of the Republic of Korea which promotes quality management, productivity, and standardization measures. The Memorandum between the IIC and KSA serves as a basis for information exchange and collaboration aimed to strengthen local capacity and assist small and medium-sized companies (SMEs) in Latin America and the Caribbean in their efforts to enhance their quality management, productivity and standardization.

The Yonsei University College of Engineering has a long history of excellence in engineering with a focus on tackling challenges in areas including energy, health, and information technology. The Memorandum aims to further harness the school’s expertise which the IIC is already leveraging as part of its advisory services under the GREENPYME and FINPYME programs. As part of the agreement, the IIC and Yonsei University hope to develop a synergy through a proactive exchange of information while evaluating potential collaboration for future projects.

The signings coincided with annual consultation meetings held by the IIC with the Korean Ministry of Strategy and Finance and other strategic partners. Korea is a key ally to the Corporation and one of the main donors behind its FINPYME initiative.

The Memorandums with KSA and Yonsei University were signed as the IIC is wrapping up a second round of business-to-business meetings between Korean and Latin American small and medium-sized enterprises with the support of the Korean Council on Latin America and the Caribbean (KCLAC). In addition, a scholarship program aimed at improving energy efficiency in Latin America is currently underway, with eight Bolivian engineers receiving hands-on training from the Korean Energy Management Corporation (KEMCO).

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.

Contact: Jorge Roldan

Telephone: +1 202 623 3362

Email: Jorgero@iadb.org