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Operational Highlights: A Strong Year Summary of IIC Operations The IIC’s operational and financial performance in 2012 was very strong, despite continued economic uncertainty
bond issue—its third thus far in the Mexican securities
in the United States and the eurozone—both key export
market. The IIC bond issue totaled 800 million Mexican
markets for many Latin American and Caribbean countries.
pesos, or approximately $60 million, the proceeds of
In 2012, growth in the region was 3.4%—down from the
which have been used to benefit Mexican SMEs in 2012
6.2% and 4.5% recorded in 2010 and 2011, respectively.
and to create a solid pipeline of potential investment
Despite this weak backdrop, the IIC was able to exceed its
opportunities for 2013.
business plan targets and approve 73 operations during
The FINPYME Credit program was revamped in 2012
the year, investing a total of $378.9 million in the region to
to make it more efficient and responsive to the needs
further support SME growth and development.
of the region’s smallest SMEs. Strategic alliances with
This year, the IIC also kept its focus on the strategic
both the Inter-American Development Bank and the
initiatives outlined in its business plan for 2011–2013,
Multilateral Investment Fund—the other members of
such as concentrating its activities in less developed
the IDB Group—also helped create new business
markets, bolstering its capacity to offer local-currency
opportunities in The Bahamas, Haiti, and Trinidad and
funding, and granting more small loans through its
Tobago. In 2012, the IIC approved 15 FINPYME Credit
FINPYME Credit program.
projects averaging $265,333.
Of the 73 operations approved in 2012, a full 60% were
All these activities helped grow the IIC’s outstanding
in the region’s smallest economies, compared to only 49%
portfolio by 7%, from $1.02 billion at the close of 2011 to
at the end of the last planning cycle (2008–2010). Of note
$1.09 billion by year-end 2012. Most—approximately 67.6%—
were significant investments in Jamaica’s tourism industry,
of the portfolio remained concentrated in the financial
a second loan to an existing client in Haiti, and a number
sector. Energy and power projects and investments in
of infrastructure projects in Ecuador. The Corporation also
agricultural products made up most of its corporate
approved substantial funding for hydropower projects
operations portfolio (32.4%).
during the year. The IIC continues to view the region as an important source of fresh business opportunities and fertile ground for piloting new initiatives and financial products.
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Early in 2012, the IIC launched its fourth local-currency