IIC Signs A Memorandum Of Understanding With Società Italiana Per Le Imprese All'Estero


São Paulo, Brasil - On March 30, 2006, the Inter-American Investment Corporation (IIC) signed a memorandum of understanding with Società Italiana per le Imprese All’Estero (Simest Spa) to create a US$30 million investment program. The IIC will provide US$15 million for the program.

This joint direct investment program will provide long-term financing to small and medium-size companies in Latin American and Caribbean countries that are members of the IIC. The project will also attract foreign investment, financing, and economic know-how to the region, to help make companies more competitive and profitable and foster trade among Latin American nations.

The signing was held in São Paulo, Brazil. Signing for SIMEST Spa was Mr. Massimo D’Aiuto, Director General. Mr. Mario Mahler, Chief of the Credit Unit, signed for the Inter-American Investment Corporation.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC's activities, visit its Web site at www.iic.int.

Contact: Jacques Rogozinski

Telephone: (202) 623-3901

Email: sylviasz@iadb.org