The Inter-American Investment Corporation launches its GREENPYME Program

03/08/2009

GREENPYME promotes renewable energy, clean technology, and energy efficiency in SMEs in the main production and service sectors in Latin America and the Caribbean

Washington, D.C. - On March 10, 2009, the Inter-American Investment Corporation (IIC) announced the launching of an energy efficiency and renewable energy technical assistance program targeting small and medium-size enterprises (SMEs) in countries with high energy-saving potential. The IIC is the only multilateral development institution mandated to provide support and financing for SMEs in Latin America and the Caribbean.

The program seeks to provide SMEs with know-how, tools, and technical and financial support for implementing energy efficiency measures and clean technologies. Doing so will enable these enterprises to become more competitive and sustainable while cutting their energy costs and improving their environmental profile.

Enterprises participating in GREENPYME may receive assistance for energy audits, consultant reports, and technical and viability assessments. Participation in the program may also facilitate access to financing from the IIC in the form of loans and equity investments. According to Jorge Roldán, IIC Technical Assistance and Strategic Partnerships Division Chief, "there is a real need for this innovative technical assistance program because SMEs in Latin America and the Caribbean still consume a large amount of high-cost energy inefficiently. That cost can be key to business viability."

Financial support for GREENPYME is being provided by several donors, especially the Korea-IIC SME Development Trust Fund. This funding is being used for activities carried out in conjunction with local strategic partners of the IIC (commercial banks, universities, chambers of commerce, and business associations) that are also committed to fostering SME sustainability via energy efficiency and the use of renewable energy.

GREENPYME was inaugurated in November 2008, when the IIC and Scotiabank cohosted three energy efficiency workshops in Jamaica and Belize. Two new workshops are scheduled this month: one in the Bahamas on March 16, cohosted by Royal Bank of Canada and the Bahamas Hotel Association; and another on March 18 in Trinidad and Tobago, cohosted by Scotiabank.

For more information on the program and to register for one of the energy efficiency workshops, contact Carlos Serrano, Technical Assistance and Strategic Partnerships Senior Financial Specialist. Mr. Serrano, who is in charge of the IIC's GREENPYME program, may be reached at +1-202-623-2877 or by email at cserrano@iadb.org

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. In 2008, the IIC reached US$1.5 billion in assets and approved sixty-four transactions channeling US$300.55 million to small- and medium-size enterprises in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging 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: Carlos Serrano / Sylvia Szankay

Telephone: (202) 623-2877/ (202) 623-3878

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