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IIC-WEF sign MoU to promote anti-bribery principles & practices

Apr '07
The Inter-American Investment Corporation (IIC) and the World Economic Forum's Partnering Against Corruption Initiative (PACI) signed a memorandum of understanding to promote anti-bribery principles and practices among small and medium-size companies in Latin America and the Caribbean.

IIC Board Chairman Luis Alberto Moreno, who is also President of the Inter-American Development Bank, signed the document with WEF Managing Director Richard Samans during the World Economic Forum's meeting on Latin America, which is taking place here this week. In doing so, he noted “The IDB Group is committed to leading with integrity throughout Latin America and the Caribbean.”

Jacques Rogozinski, General Manager of the IIC and a World Economic Forum "Global Leader for Tomorrow," stated “We welcome this opportunity to partner with PACI to build on their success in developing anti-corruption measures for the private sector and to work with them to bring that success to SMEs in our member countries and throughout the world.”

The IIC, a member of the IDB Group specialized in SME financing, is the first multilateral lender to sign such an agreement with PACI, a global, business-driven, multi-industry initiative that champions rigorous principles against bribery based on integrity, fairness and ethical conduct developed in collaboration with Transparency International and the Basel Institute on Governance.

Since it was launched in 2004, PACI has obtained commitments from more than 125 major corporations in the mining, energy, metals, construction and engineering industries to follow its tenets. The IIC will help spread the initiative's principles among SMEs, which constitute the vast majority of companies in Latin America and the Caribbean.

The IIC was also involved in the International Financial Institutions Anti-Corruption Task Force and continues to work with other IFIs on the issue.

Inter-American Development Bank

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