Saturday, November 8, 2014
IDB and European Investment Bank establish facilities to support internationalization of small and medium-sized enterprises
The Inter-American Development Bank (IDB) and the European Investment Bank (EIB) today announced the creation of two facilities that will finance the international expansion of small and medium-sized enterprises (SME) from Europe, Latin America and the Caribbean. EIB President Werner Hoyer and IDB President Luis Alberto Moreno signed a document in Cologne to formalize the agreement. Financing for the IDB’s Internationalization of SMEs Financing Facility will consist of a $250 million, loan and up to $250 million additional resources to be raised through syndication or co-financing. The IDB funds will support eligible financial intermediaries on-lending to EU-based firms undertaking foreign direct investment (FDI) projects in Latin America and the Caribbean and businesses in Latin America and the Caribbean engaged in trade with the European Union, with a focus on SMEs.