The private sector plays a key role in driving economic development and in creating opportunities for millions of people across Latin America and the Caribbean. It is a powerful vehicle for job creation, poverty alleviation, and social inclusion, and also a source of innovative solutions for some of the region’s most complex development challenges.

Over the years, the Inter-American Development Bank (IDB) Group, comprising the IDB, the Inter-American Investment Corporation (IIC or Corporation) and the Multilateral Investment Fund (MIF), has amassed a wealth of experience in the private sector, working with a diverse mix of clients that range from civil society organizations and local businesses to large corporations, financial intermediaries and state-owned enterprises (SOE).

As a member of the IDB Group, the Corporation has been at the forefront of private-sector development in Latin America and the Caribbean, promoting sustainable growth through a unique mix of financial and non-financial products and services for the region.

With a view to leveraging the combined private sector and SOE expertise across the IDB Group, a landmark decision was taken in March 2015. The Boards of Governors of the IDB and the Corporation agreed to reorganize the IDB Group’s non-sovereign guaranteed activities into the Corporation in order to maximize development impact in the region and to offer more comprehensive services to clients.

The reorganization of the IDB Group’s non-sovereign guaranteed activities creates administrative efficiencies and provides for more integrated planning and coordination across the Group’s private and public sector operations. It provides a single point of access to the Group’s full spectrum of products and services, coupled with streamlined project processing and strong oversight to ensure consistent standards and quality.

The Board of Governors also approved a $2.03 billion capital increase for the Corporation, designed to enhance its financial strength and to ensure substantial lending levels.

Starting in 2016, the Corporation has a new organizational structure reflecting a realigned business focus in priority business areas, under the leadership of a new General Manager and senior management team.

The IDB Group emerges from this reorganization more resolute than ever in its commitment to promote development through the private sector across Latin America and the Caribbean. The momentous change it experienced in 2015 provides a compelling example of the Corporation’s ability to adapt to a new environment and the changing needs of its clients. As these needs continue to evolve, so will the IIC.

Over the course of thirty years, the Corporation has been a strategic partner for Latin America and the Caribbean promoting economic and inclusive development through the establishment, expansion, and modernization of private sector enterprises.

The Corporation became well-attuned to the region it serves and developed creative solutions in response and in anticipation of client needs in an ever-changing economic climate. Focusing its support on sectors and areas where financing is more difficult to obtain, the Corporation continuously added new products and services to its core financial offering, expanding its reach through strategic partnerships to help small and medium-sized companies grow, become more sustainable, and access formal financial markets.

Since its creation in 1985, the Corporation has approved in excess of $6.0 billion in loans, guarantees and equity investments across more than 1,000 operations. An additional $3.9 billion have been mobilized through syndicated loans and co-financing, leveraging its resources to increase its development impact in the region.

As client needs have become increasingly complex, the Corporation further evolved its non-financial product mix and created the FINPYME suite of advisory and training services to help businesses increase their resilience and competitiveness. Over the years, more than 11,000 companies have benefitted from the Corporation’s non-financial services, improving their corporate governance practices, strengthening export strategies, and boosting energy efficiency.

The Corporation continues to expand the reach of its advisory and training services and has recently created a series of online courses that have made decades of development experience available to businesses through the Internet. These online courses have attracted close to 11,900 participants to date.

In an effort to share its expertise more widely, the Corporation launched the FINPYME app in 2015. This mobile application helps business owners and executives improve the competitiveness of their companies through a number of rapid assessment tools and calculators. More than 3,000 users downloaded the app in its first year. Over 600 of them have completed one of the available evaluations.

In September 2015, the Corporation also inaugurated its first FINPYME Forum—a space where banking professionals, financial technology providers, private sector companies, and other key actors came together to discuss financial services and how to make them more widely available to SMEs through technology. More than 450 participants from 42 countries attended the event in Medellín, Colombia.

As it celebrates its 30th anniversary, the Corporation will continue to leverage the experience of the IDB Group in order to nurture new ideas for promoting economic and social progress in Latin America and the Caribbean.

In 2016, the Corporation opens a new chapter in its institutional history, operating under an enhanced mandate to serve the region’s full range of private companies and state-owned enterprises. As it enters this new era, it will continue to seek out ways to enhance its development impact in the region.