The Government puts forward proposal on Norwegian membership of the Inter-American Investment Corporation

The Government submitted a proposal to the Storting today on Norwegian membership of the Inter-American Investment Corporation (IIC). The IIC is part of the Inter-American Development Bank Group. Norway will be part of the same constituency as the other Nordic countries, as in most of the multilateral financial institutions where Norway is a member.

The purpose of the IIC is to promote the role of the private sector in the development process. This is done by providing financing and advice to small- and medium-sized enterprises in Latin America. The IIC has recently drawn up a ten-year plan for its activities, which includes a stronger focus on environmentally sound projects and improving the development effect achieved through these projects. The IIC has also undertaken to intensify its efforts in the poorest countries of the region, particularly those that do not have access to the international capital markets.

According to Minister of International Development Anne Kristin Sydnes, Norway and the other Nordic countries can influence the IIC through their membership to promote positive development trends in the poorest countries and the poorest population groups in Latin America.

"The IIC’s mandate to promote the role of the private sector in the development process by offering financing and advice to small- and medium-sized enterprises in the region is in close keeping with Norwegian development policy priorities. The IIC will a useful tool in Norway’s strategy for private sector development in the South. The institution is also an interesting cooperation partner for the recently established Norwegian Investment Fund for Developing Countries, NORFUND," said the Minister of International Development.