More development resources channeled to the region
The Governors representing the 45 member countries of the Inter-American Investment Corporation (IIC) approved the 2013 financial statements during their XXIX Annual Meeting, held in Sauípe, Brazil.
With the close of 2013, the IIC completes its most recent three-year strategic cycle, during which it channeled $1.26 billion to Latin America and the Caribbean. During that period, the IIC increased its development assets by 19.4 percent, directly benefiting the region through loans to and equity investments in private enterprises and financial institutions.
The IIC also increased its impact during that period by attracting investment to Latin America and the Caribbean totaling $1.05 billion through syndicated loans and financing operations, allowing it to leverage $4 for every $5 approved from its own funds. In addition, almost 5,000 SMEs benefited from its advisory services in areas such as governance, exports, and the environment.
“The increase in resources sent to the region is the result of innovative and effective management,” said Carl Muñana, the IIC’s general manager. “Thanks to strong financial performance, the mobilization of additional resources, and the provision of advisory services, we have been able to meet the various needs of the private sector, to the benefit of development in Latin America and the Caribbean.”
According to the results presented during the annual meeting, in 2013, the IIC approved 71 operations totaling $415 million.
In response to the growing recognition of the IIC in capital markets, the institution also increased the volume of debt issued under its Euro Medium-Term Notes (EMTN) program to $400 million, placing the new bonds at a lower cost than the first issue in 2012.
“Renewed investor confidence strengthens our position in international financial markets and encourages us to continue on the path we have set for ourselves,” Muñana said.
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). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. Since its inception in 1989, the IIC has approved approximately 800 direct loans to SMEs and financial intermediaries, for a total of $5.21 billion. An additional $3.01 billion has been mobilized through cofinancing and syndication agreements.