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The Inter-American Investment Corporation (IIC) has signed a memorandum of understanding for a joint debt facility of up to US$60mn with Compa Espa íola de Financiaci n

  • del Desarrollo SA (Cofides) to provide long-term loans to joint venture small and medium-sized private companies located in IIC Latin American and Caribbean member countries. The joint ventures will be between shareholders from non-regional member countries of the IIC, and those from Latin America or the Caribbean.  Cofides is a Spanish development corporation that contributes to the economic development of emerging and developing countries.

    The signing ceremony was held at the Fiera Milano Congressi Centre in Milan during the annual meetings of the board of governors of the Inter-American Development Bank (IADB) and the IIC.

    The IIC funds will be used to modernise or expand operations, and to improve efficiency, productivity and competitiveness of these enterprises in the national and international markets. Joint ventures will be operating in the industrial, manufacturing, construction, chemical, tourism, agribusiness, and services sectors, or in an activity that contributes to the generation of foreign exchange. It is expected that the IIC resources will reach at least six and up to 30 joint ventures of small and medium-sized companies through this debt facility.

    The IIC is a multilateral financial institution that is part of the IADB group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC’s mission is to promote the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernisation of private enterprises, particularly those that are small and medium in size.