IIC Loan to Edilar Supports Education Sector in Mexico
IIC local-currency loan to benefit thousands of teachers
Washington, D.C., July 30, 2013 — The Inter-American Investment Corporation (IIC) has approved a loan of up to MX$70 million to Edilar S.A. de C.V. in Mexico to finance the expansion of its sales of educational materials, technologies, and continuing education services and increase microloans to primary school teachers in the public system for professional development purposes.
This medium-term local-currency loan is expected to fund the professional development of some 3,800 teachers, thereby improving the quality of educational services in the country. The IIC considers education a basic development tool for countries due to its impact on people’s quality of life.
This is the third operation between the IIC and Edilar, whose relationship began in 2010. The proceeds from the earlier loans were successfully used to grant loans to over 7,000 teachers.
“Education is the main driver of development, inclusion, and a better quality of life. Supporting teachers is essential, for they are the disseminators and multipliers of the knowledge needed to create a more educated society. This IIC loan will further the professionalization of primary school teachers in Mexico, which is the main objective of our mission,” noted Edilar general director Ignacio Uribe.
“With this local-currency operation, the IIC is contributing to the continuing education and professional development of teachers in Mexico’s public sector, which will in turn strengthen the country’s educational system. This is part of the IIC’s strategy for producing a high development impact,” added Mónica Navarrete, IIC senior investment officer in charge of the operation.
Edilar S.A. de C.V. is a Mexican company that markets and finances the procurement of educational materials and technologies for primary school teachers in the public system, with a view to improving their teaching practices through the Programa Nacional de Bibliotecas Magisteriales (PNBM, an educational and cultural program). Edilar also provides continuing education services, issues accredited undergraduate and master’s degrees, and grants microloans to teachers for professional development through the Programa de Apoyo para la Formación Continua (PAFC, a continuing education assistance program).
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Mónica Navarrete