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Scotiabank and the Inter-American Investment Corporation (IIC) signed a partnership agreement today to help identify and support high potential small and medium sized businesses (SMEs) across the Caribbean. This partnership represents a solid pillar of the IIC’s FINPYME program (www.finpyme.org).

“For more than 120 years Scotiabank has been a proud supporter of small businesses in the Caribbean,” said Pat Minicucci, Caribbean Region Head for Scotiabank. “This partnership with the IIC enables us to deepen our relationships with small and medium sized businesses across the Caribbean, working together with the IIC to help them grow and succeed.”

“The IIC is pleased to work with Scotiabank, a leading bank in the Caribbean, to identify and support high potential SMEs in the Caribbean through the FINPYME program”, said Jorge Roldán, Chief, Technical Assistance and Strategic Partnerships Division, IIC. “We believe in the Caribbean region, in the strength of its small business sector, and in the spirit of its entrepreneurs.”

FINPYME, which will be launched in March in the Bahamas, Jamaica, Trinidad and Tobago, Belize and Barbados, will use the IIC’s proven methodology for identifying and performing diagnostic reviews of participating SMEs in order to improve their competitive position and their access to medium and long term sources of funding.

Once evaluated, Scotiabank and the IIC will work together to help the businesses manage any weaknesses identified in the diagnostic review. This support may include individual training and technical assistance, as well as group-based seminars and workshops designed to train business people in a variety of business and competitive issues.

“This program provides Caribbean SMEs with a comprehensive understanding of the strengths and weaknesses of their business, enabling them to identify both the opportunities and challenges ahead,” added Winston A. Cox, IIC Executive Director for the Bahamas, Barbados, Guyana, Jamaica and Trinidad and Tobago.

“For Scotiabank, this partnership is yet another opportunity for us to deepen our relationships with small business customers in the Caribbean,” said Miniccuci.

The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) 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 member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int.
Scotiabank has been part of the Caribbean and Central America since 1889. It is now the leading bank in the region, with operations in 27 countries, including affiliates. The Bank has 12,117 employees in the region, including affiliates, serving more than two million customers, with 593 branches, kiosks and other offices, plus about 932 automated banking machines.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 60,000 employees, Scotiabank Group and its affiliates serve approximately 12.5 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With $462 billion in assets (as at July 31, 2008), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

Contact:
Krista Pawley – International Public Affairs, Scotiabank 416-866-3703
krista_pawley@scotiacapital.com

Michael Apel-Senior Trust Fund Officer, IIC. 202-623-2521
michaela@iadb.org