Inter-American Investment Corporation announces its second FINPYME workshop

02/28/2008

The IIC announced the launching of the technical assistance phase of the program, financed by the Korea-IIC SME Development Trust Fund, for the participant companies seeking to improve their competitiveness

FINPYME (Financiación Innovadora de PYME) is a free diagnostic tool for SMEs that is being offered in Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama

Santo Domingo, Dominican Republic. The Inter-American Investment Corporation (IIC), in coordination with the Instituto Tecnológico de Santo Domingo (INTEC), launched a new phase of the FINPYME program, which consists of technical assistance for FINPYME participants that have completed their FINPYME diagnostic reviews and have identified their technical assistance needs.

The program focuses on companies with minimum annual sales of approximately US$150,000 located in these seven countries. There is still room for companies to participate in the program. Interested companies are invited to visit www.finpyme.org.

Through the generosity of the Republic of Korea and the Korea-IIC SME Development Trust Fund, the IIC is able to offer FINPYME participants technical assistance focused on improving the companies’ competitiveness by addressing needs identified through diagnostic reviews. The workshop was attended by representatives of the seven universities in Central America, Panama, and the Dominican Republic that have become FINPYME agents.

In 2007, over 1.100 companies attended the launchings in the region, more than 360 SMEs applied for the program, and many have completed the diagnostic reviews and are now open to receiving technical assistance. Companies participating in the program are active in many different sectors, such as agriculture and agribusiness, commercial services, manufacturing, pharmaceutical, and textiles.

The IIC has signed agreements with seven universities in the region to serve as FINPYME agents and carry out the diagnostic reviews. These universities are ULACIT, Costa Rica; ESEN, El Salvador; Universidad Rafael Landívar, Guatemala; Escuela Agrícola Panamericana El Zamorano, Honduras; Universidad Americana, Nicaragua; Universidad Católica Santa María de Antigua, Panama; and Instituto Tecnológico de Santo Domingo, the Dominican Republic. The IIC has also signed agreements with banks in each country to make access to credit easier for SMEs participating in the program.

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: Michael Apel/ Sylvia Szankay

Telephone: (202) 623-2521/(202) 623-3878

Email: michaela@iadb.org / sylviasz@iadb.org