Inter-American Investment Corporation signs Memorandum of Understanding (MOU) with the Trust for the Americas

04/03/2008

MOU provides a general framework to facilitate cooperation on joint initiatives at the regional, national and sectoral level in Latin America and the Caribbean

Miami, U.S.A. - On April 4, the Inter-American Investment Corporation (IIC) signed a Memorandum of Understanding with the Trust for the Americas (the Trust), an affiliate of the Organization of American States (OAS), during the Twenty-third Annual Meeting of the Board of Governors of the Inter-American Investment Corporation.

One of the main purposes of this partnership is to support institutional networking and capacity-building for micro, small, and medium-size enterprises (MSMEs) throughout Latin America and the Caribbean. These areas of cooperation will be determined through consultations on joint work programs and plans of action. The Trust is currently implementing a youth program called POETA (Partnership in Opportunities for Employment through Technology in the Americas) in Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Kitts and Nevis, and St. Vincent and the Grenadines.

The IIC has developed a program called FINPYME, which seeks to enhance the capacities of small and medium- size enterprises in the region to improve their competitiveness by providing selected companies with a diagnostic review of their present condition, recommending different areas of improvement, and providing technical assistance to these companies. The IIC plans to begin implementation of FINPYME in the Caribbean in the second half of 2008 and in Colombia during the first quarter of 2009.

In this context, the first of several joint initiatives between the Trust and the IIC, the Trust will serve as a vehicle to expand FINPYME training to a larger pool of MSMEs in the Caribbean.

The Memorandum of Understanding was signed by Mr. Alfonso Quiñónez, Executive Secretary, Executive Secretariat for Integral Development (SEDI), OAS, and by Mr. Jacques Rogozinski, General Manager of the Inter-American Investment Corporation.

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 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: Jorge Roldán/Sylvia Szankay

Telephone: (202) 746-0608/(202) 623-3878

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