The Multilateral Investment Fund (MIF), a member of the IDB Group, in August announced its plans to invest up to $4 million in LatinTech Ventures, a Brazilian investment fund for small, emerging technology companies.
The investment will be supplemented by a $60,000 grant to cover three independent evaluations during the nine-year life of the fund. The resources from the LatinTech fund, which is expected to reach $20 million, will help capitalize from 10 to 12 small companies with a high growth potential that provide software solution services in finance and banking, business intelligence and productivity enhancement.
Emphasis will be placed on supporting companies that adhere to disclosure requirements and other corporate governance standards necessary to become listed on the Novo Mercado, a new stock exchange listing designed to foster investment in young Brazilian companies. The investment is the second by the MIF to be generated by the Technology Investment Facility of the INOVAR project, which is dedicated to promoting risk capital investments in Brazil and improving the structural environment to make such outlays viable. The MIF is a founder of INOVAR and provided it with a $1,122,000 grant in February of 2001. The project is managed by Financiadora de Estudos e Projetos of Brazil (FINEP) and is also supported by Serviço Brasileiro de Apoio às Micro e Pequenas Empresas (SEBRAE) and Fundação Petrobras de Seguridade Social (PETROS).
IDB names new country representatives
The IDB has named Carlos N. Melo Ferrer to be its representative in Bolivia. He was most recently the Bank’s deputy representative in Brazil.
Keith Evans has been appointed the IDB representative in Jamaica. He previously served in the same capacity in Suriname.
Pablo Adam, previously a senior specialist in modernization of state for the IDB’s Regional Operations Department 3, has been named to succeed Evans as representative in Suriname.
Sergio Varas-Olea has been named IDB representative in Guyana. He was the Bank’s deputy representative in Jamaica.
Alvaro Cubillos has been appointed IDB representative in Paraguay. He was a principal specialist in social development in the Bank’s Regional Operations Department 1.
Toshio Kobayashi has been named IDB representative in Japan. He was most recently the director general of the Tohoku Local Finance Bureau of the Ministry of Finance in Japan.