The Inter-American Investment Corporation (IIC), a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group, recently approved funding of up to USD 15 million for a program in Peru that is intended to expand lending to individuals for home purchases and remodeling and business lending to micro-, small and medium-sized enterprises (MSMEs). Loans from the program will be made via intermediaries including savings and credit agencies; MSME development agencies; and banks that have experience with microenterprises. Sandra Reyes, an IIC investment officer, expects the program to “benefit approximately 3,000 small enterprises and microenterprises, at a minimum.” In 2010, IIC reported total assets of USD 1.4 billion and provided USD 375 million in funding to MSMEs in Latin America and the Caribbean.
By Julie Moksim, Research Associate
About the Inter-American Investment Corporation (IIC): Founded in 1985, the Inter-American Investment Corporation (IIC) is a member of the Inter-American Development Bank (IDB) Group, which helps individuals and micro-, small and medium-sized enterprises (MSMEs) in Latin America and the Caribbean gain access to financial services. The mission of IIC is to promote economic development by contributing to the development of private enterprises. It provides both financing and advisory services to private enterprises in the region. In 2010 IIC reported total assets of USD 1.4 billion and provided USD 375 million in funding to MSMEs in Latin America and the Caribbean.
Sources and Resources:
Inter-American Investment Corporation (IIC) Press Release: “IIC Approves Program for Funding Microfinance Institutions in Peru of up to $15m”, http://www.iic.int/newsrelease/view.asp?id=803
MicroCapital.org Brief, April 9, 2010: International Finance Corporation (IFC) and Inter-American Investment Corporation (IIC), a Member of the Inter-American Development Bank (IDB), Provide $27m in Equity to QBE del Istmo Compana de Reaseguros, a Panama-based Reinsurance Company, to Expand into Microinsurance and Health Insurance,https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-and-inter-american-investment-corporation-iic-a-member-of-the-inter-american-development-bank-idb-provide-27m-in-equity-to-qbe-del-is/
MicroCapital’s Microfinance Universe Profile: Inter-American Investment Corporation (IIC)
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