IDB: IIC supported 40,000 SMEs across Latin America and the Caribbean in 2014

Busan, March 30, 2015.- The Inter-American Investment Corporation (IIC) presented its 2014 financial and operating results at the Thirtieth Annual Meeting of its Board of Governors in Busan, Korea, closing the year with more than $420 million in approved loan and equity investments and having provided close to $4 million in technical assistance services. Through an integrated offering of financial products and market-tested advisory and training services, the IIC supported directly and indirectly a record of almost 40,000 small and medium-sized enterprises (SMEs) across Latin America and the Caribbean in 2014.

Carl Muñana, General Manager of the IIC, noted: “As the Corporation celebrates its 30th anniversary, we are leveraging our experience by delivering more comprehensive solutions to our clients. That includes harnessing new technologies to benefit more SMEs than ever before while addressing the diversity of their needs across the region.

”As part of its client-oriented solutions, the IIC brought skills and know-how to more than 8,100 companies in 2014 through an array of e-learning courses, tailored advisory services, and face-to-face training events as well as InvestAmericas, an innovative platform matching business owners with investors and service providers.

Complementing its own resources, the IIC channeled an additional $700 million to the region through partners around the globe, mobilizing more than $1.60 for every $1 approved from its own funds – a significant increase from the previous year.

Orlando Ferreira, IIC Chief Operating Officer, said, “As we continue delivering a solid financial performance and mobilizing additional resources from other sources, we are better able to achieve our core mission of promoting development through the private sector in Latin America and the Caribbean.

”In 2014, the IIC completed a twelfth consecutive year of profits and further strengthened an already robust balance sheet. The Corporation retained a high-quality portfolio of $1.05 billion and maintained strong credit ratings of AAA/Aa2/AA.

The IIC also continued to enjoy excellent access to international capital markets as evidenced by a $400 million bond issuance in September 2014 under the Euro Medium-Term Notes (EMTN) 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). The IIC provides companies with funding in the form of equity investments, loans, and guarantees, as well as technical assistance, advisory services, and innovative knowledge products. Since its inception, the IIC has approved more than 920 direct loan and equity investments to SMEs and financial intermediaries, for a total of $5.6 billion. An additional $3.7 billion has been mobilized through cofinancing and syndication agreements.