IIC receives strong financial support from IDB

11/01/2010

The organizations agree on an extension to the term of the US$300 million Multisector Credit Program

Washington, D.C. – On October 28, 2010, the Inter-American Investment Corporation (IIC) and the Inter-American Development Bank (IDB) signed an amendment to the lending operation whereby the IIC was granted special pricing and the extension to the disbursement period of the US$300 million Multisector Credit Program until November 20, 2015, was officially disclosed.

The IIC has used US$100 million under the facility, which was approved in 1996. Amounts used under the facility mature 15 years after disbursement.

According to Juan Eduardo Zuluaga, Chief of the IIC’s Finance and Risk Management Division, "This loan sends a clear signal to the market of the IDB’s and our shareholders’ support for the IIC mandate. This borrowing enhances the IDB Group’s market image and is highly valued by institutional investors and risk rating agencies."

Signing at the ceremony were Luis Alberto Moreno, President of the IDB, and Jacques Rogozinski, General Manager of the IIC.

About the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. 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. It does so by providing 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 2009, the IIC reached US$1.4 billion in assets and approved forty operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int

Contact: Juan Eduardo Zuluaga

Telephone: (202) 623-3812

Email: juanz@iadb.org