IIC Signs A US$60 Million Parallel Underlying Financing Program With Corporación Andina De Fomento


Washington, DC - On May 2, 2005, the Inter-American Investment Corporation (IIC) and Corporación Andina de Fomento (CAF) signed an agreement establishing a parallel underlying financing program to finance small and medium-size enterprises in countries that are beneficiary members of CAF and regional member countries of the IIC. The program's main objective is to help companies become more competitive and more profitable. The program will target projects with an average cost of US$6 million, giving priority to exporting companies with a high effect on aggregate demand and that create jobs. The target sectors include, but are not limited to, tourism, agribusiness, infrastructure, food, beverages, and power generation.

The signing ceremony took place at IIC headquarters in Washington, D.C. Signing for Corporación Andina de Fomento was Mr. L. Enrique García, Executive President. Mr. Enrique Iglesias, Chairman of the Board of Executive Directors of the IIC and President of the IDB, signed for the IIC.

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 borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.

Contact: Jacques Rogozinski

Telephone: (202) 623-3901

Email: sylviasz@iadb.org