Portugal Joins The Inter-American Investment Corporation

07/17/2002

THE NUMBER OF IIC MEMBER COUNTRIES INCREASES WASHINGTON, D.C. - On July 18, 2002, Portugal became the forty- first member country of the Inter-American Investment Corporation ("IIC") at a signing ceremony held at the Inter-American Development Bank´s headquarters in Washington, D.C. The membership document was signed on behalf of the IIC by Mr. Enrique V. Iglesias, President of the IDB and Chairman of the IIC Board of Directors, and on behalf of Portugal, by Mr. João Alberto Bacelar da Rocha Páris, Ambassador of Portugal to the United States of America.

Also present at the ceremony were Mr. Mario Sam Bento Menezes, Commercial Counselor of the Embassy of Portugal; Ms. Marta Blanco Quesada, Executive Director of the IIC; and Mr. Toshitake Kurosawa, Alternate Executive Director of the IDB.

Portugal thus formally joined the Inter-American Investment Corporation as one of the five new member countries (Belgium, Finland, Norway, Portugal, and Sweden) that will bring to forty-two the number of shareholders of the IIC, which is the IDB Group institution that provides financing for small and medium-size private enterprises in Latin America and the Caribbean. Sweden formally became a member in July 2001, Norway in January 2002, and Finland in March 2002.

To fulfill its mission, the Corporation promotes the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. The IIC seeks to provide financing to companies that do not have access to medium- or long-term financing from the capital and financial markets. Also, the IIC may serve as an advisor to companies in attracting other resources to the projects it finances such as additional financing, technology transfer, and technical and managerial know-how. These resources are mobilized through cofinancing and syndication, support for security underwritings, and identification of joint venture partne

Contact: Jorge Roldán

Telephone: (202) 623-3948

Email: jorgero@iadb.org