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IDB fund to promote entrepreneurship in Uruguay

10
Jan '07
The Inter-American Development Bank's Multilateral Investment Fund announced today the approval of a US$800,000 loan and a US$2,391,000 technical cooperation grant for a program to promote technology-based entrepreneurship in Uruguay.

“This initiative will promote a systematical increase in the number and quality of new and infant business ventures and enterprises in dynamic sectors,” said IDB Team Leader Santiago Soler. “It will foster an entrepreneurial culture with high value-added that will contribute to the sustainable growth of the economy.”

The program will employ an innovative approach to financing and sector development:
Dynamic entrepreneurs will receive technical assistance and financing to expand their technology-based small and medium-sized enterprises. Individual private investors will have access to a unique investment vehicle tailored to their needs.

Local business origination and training institutions will support the pipeline of dynamic business ventures through the creation and support of angel investor networks. The financial sector will gain a new financing option for small enterprises.

Executing agencies – Prosperitas Capital Partners, Uruguayan Technology Laboratory and the National Development Corporation – and partner institutions will be strengthened.

Participating institutions will be prepared to continue working sustainably after the project has ended. Upon program completion, the business climate willallow for the systematic origination, training, strengthening, and financing of entrepreneurs and business ventures.


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