The Republic Of Finland Joins The Inter-American Investment Corporation

03/27/2002

THE NUMBER OF IIC MEMBER COUNTRIES INCREASESWASHINGTON, D.C. - On March 28, 2002, the Republic of Finland became the fortieth member country of the Inter-American Investment Corporation at a signing ceremony held at the Inter-American Development Bank´s headquarters in Washington, D.C. The membership document was signed by Mr. Enrique V. Iglesias, President of the IDB and Chairman of the IIC Board of Directors, and by His Excellency Mr. Jukka Valtasaari, Ambassador of the Republic of Finland to the United States of America.

Also present at the ceremony were Mr. Michel Planque, Executive Director for Denmark, France, Norway, Sweden, and Switzerland; Mr. Pekka Hukka, Representative of Finland to the IIC; and Ms. Anna Liisa Korhonen, Minister Counselor for Financial Affairs at the Embassy of the Republic of Finland.

Finland 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 and Norway in January 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: 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 partners.

Contact: Jorge Roldán

Telephone: (202) 623-3948

Email: jorgero@iadb.org