IIC’s 45th Member Formally Joins Today
COSTA DO SAUÍPE, Brazil — The Inter-American Investment Corporation (IIC) is pleased to welcome Canada as its newest member. The official declaration of membership issued today during the Annual Meeting of the Boards of Governors of the IDB and the IIC in Bahia, Brazil, concludes a much-anticipated process to admit the IIC’s 45th member country.
In his remarks, IIC General Manager Carl Muñana noted that “while Canada is not new to the IDB Group, its membership in the IIC reinforces its commitment to development through the private sector in Latin America and the Caribbean.” He further declared, “We are thrilled with Canada’s action today and view it as a vote of confidence on the kind of impactful work we do. We are therefore looking forward to closely engaging with Canada as we advance together in our efforts in the region.”
The ceremony was hosted by Chairman of the IIC Board of Executive Directors Luis Alberto Moreno and IIC General Manager Carl Muñana. Canada was represented by Rob Stewart, Alternate Governor for Canada and Assistant Deputy Minister International Trade and Finance, Finance Canada, who declared, “Canada is pleased to be formalizing our membership in the IIC. We recognize that the private sector is the driving force behind economic growth and is essential to achieving meaningful development outcomes that raise people out of poverty and put them on the road to prosperity.”
Mr. Stewart noted that “as over 80 percent of companies in the LAC region are small and medium-sized enterprises, supporting SMEs via the IIC is an important element of Canada’s Sustainable Economic Growth Strategy. We are pleased to participate in the creation of the conditions for strong and sustainable private-sector-led growth. Our membership advances the goals of Canada’s Strategy for Engagement in the Americas, which seeks to increase mutual economic opportunities, including through public-private partnerships.”
Canada and the IDB Group
Already a member of the IDB, Canada has been a strong partner in supporting investments in Latin America and the Caribbean, contributing nearly CAD$300 million since 2010 to thematic IDB funds that address issues ranging from climate change, trade, infrastructure, and disaster prevention to gender and diversity. Canada is committed to promoting sustainable economic development through the private sector. In 2012, it established the Canadian Climate Fund for the Private Sector in the Americas (C2F), to which the IIC has access, channeling $250 million to stimulate private-sector investment in climate change mitigation and adaptation in Latin America and the Caribbean. Canada also plays an important role in Haiti’s post-2010 reconstruction and development through debt relief and contributions to education reform and infrastructure. In addition, it recently contributed $10 million to the IDB’s Transparency Trust Fund to promote access to information and transparency, particularly in the extractive sector, and to help improve the climate for trade and investment.
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. In 2012, the IIC approved more than 70 operations totaling some $400 million. Since its inception in 1989, the IIC has approved approximately 800 direct loans to SMEs and financial intermediaries, for a total of $4.8 billion. An additional $2.8 billion has been mobilized through cofinancing and syndication agreements.
- Helga C. Flores