Skip Global Navigation
News
IDB Home > News
Comment Tool Comment
Comment Tool Comment

Your comment for this page:






Share Tool Share
close Share Tool Share

News Releases

Jun 7, 2001

MIF approves $6.75 million for small business promotion in Brazil

Equity investment and grant component promote innovative small enterprises in Northeast

The Multilateral Investment Fund today announced the approval of a $6 million equity investment to set up a venture capital fund in Brazil for innovative small enterprises in the technology field, as well as a $750,000 grant to help build entrepreneurs’ management capacity in the northeastern states of Bahia, Ceará, and Pernambuco.

The venture capital fund will invest in small companies with sales below $5 million and fewer than 100 employees, focusing on early-stage businesses in high-growth technology clusters, including software, fine chemicals, capital goods for microelectronics and electrical engineering, biotechnology, tourism, and food technology. The fund will be capitalized by $6 million from Banco do Nordeste, $1 million from Banco Pactual and $2 million from private investors, and it will be administered independently through professional services provided by Pactual Asset Management, a subsidiary of Banco Pactual.

The grant component will help support the creation of business training services for this growing sector, including awareness-raising and training with regard to venture capital, enhancement of programs to support business-plan design, and specialized management training courses that will develop curricula and instructional materials in keeping with international best practices.

The Multilateral Investment Fund, managed by the Inter-American Development Bank, provides grants and investments to promote private sector growth, labor force training and small enterprise modernization in Latin America and the Caribbean.

Information

For more information about the Multilateral Investment Fund contact Kathryn Hewlett-Jobes, head of MIF communications, at (202) 924-8106, e-mail: kathrynhj@iadb.org

Visit the MIF Website

© 2014 Inter-American Development Bank - All Rights Reserved.