IIC holds financial management workshop in Belize to help SMEs manage business activities effectively


Workshop is part of the IIC’s FINPYME® Diagnostics Initiative

Belize City, Belize - On June 24, 2011, the Inter-American Investment Corporation (IIC) hosted a FINPYME Diagnostics workshop on financial management in collaboration with Scotiabank. The objective of the workshop was to assist local SMEs in recognizing the value of all aspects of business.

The FINPYME Diagnostics program introduces a mechanism to diagnose SMEs and make it easier to identify issues that positively or negatively affect them, ultimately helping them gain access to medium- and long-term financing. Topics addressed during the one-day workshop included the role of financial management; tools and indicators of key financial activities; and beyond finance, a strategic approach.

Thanks to funding from the Republic of Korea, many of these SMEs are eligible to receive individual technical assistance designed to assist them in resolving some of the operational problems highlighted in their diagnostic reviews. In addition, all companies are invited to group technical assistance sessions such as this, which consist of a series of practical events where the participating companies share experiences.

Michael Apel, Senior Trust Fund and Technical Assistance Officer at the IIC, expressed his satisfaction with the FINPYME program in Belize. "This workshop represents the final FINPYME workshop in our series here in Belize. It has been a particular pleasure for the IIC to work with our partners, Beltraide and Scotiabank in delivering this level of technical assistance to the companies that need it most in Latin America and the Caribbean: small and medium-sized companies. Looking forward, the IIC plans to consult with our partners in order to plan future activities to assist SMEs in Belize."

According to Carla Maheia-Hart, Managing Director of Maheais United Concrete & Supplies Ltd., "In the interim since we completed the evaluation and await a report, we have been invited to attend various training seminars hosted by Beltraide. Those we have been able to attend have helped further enhance our understanding and application of productive processes and efficient management styles and capitalize on our potential for growth."

About Scotiabank

Scotiabank, a Canadian-based bank, provides a complete range of retail, commercial, corporate, investment, and international banking services. The office in Belize has been kindly supporting the FINPYME program. It has sponsored three previous workshops on human resource management, corporate governance, and budgeting and costing.

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 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int

Contact: Michael Apel

Telephone: (202) 623-2521

Email: michaela@iadb.org