(E-090/01)
April 20, 2001OAS COOPERATION AND DEVELOPMENT AGENCY
SIGNS AGREEMENT WITH SCOTIABANKIn a bid to promote social development in the Caribbean and Latin America, the Inter-American Agency for Cooperation and Development (IACD), an agency of the Washington-based Organization of American States, signed in Montreal, Canada, today a memorandum of understanding on a US$100 million line of credit for initiatives in the areas of education, information technology and poverty alleviation.
"The collaboration of Scotiabank opens up an entire new horizon in technical cooperation for the Hemisphere. It will enable the IACD to finance technical cooperation and training programs throughout the Caribbean and Latin America, using Scotia's extensive network of branches and correspondents in the region," IACD Director General Ronald Scheman said, thanking Scotiabank for its support.
He explained that this agreement "will be a major supplement in helping the Presidents of the Americas to implement the initiatives that will be adopted at Quebec this weekend."
Scotiabank welcomes this opportunity "to put our expertise in project finance and structured trade finance to work for the IACD," said Rick Waugh, Vice Chairman and Executive Vice President, International Banking. "In this way we are able to give back to the local communities, particularly in the areas of education, technology and social services."
Jim Liddell, Head of International Project Finance at Scotiabank, stressed that with the signing, "We are able to bring interested parties together to provide innovative credit solutions for IACD approved public-sponsored proposals and at the same time, provide a cost effective mechanism for smaller transactions and the purchase of capital goods, that would not normally be covered."
Mr. Liddell signed on behalf of Scotiabank, with John Wood, Director of the Department of Development Programs, signing for the OAS Agency for Cooperation and Development.
The IACD was established in November 1999 to promote technical cooperation and training programs necessary to accelerate economic development in the countries of the Hemisphere.
Canada’s top international bank, Scotiabank has more than Can$273 billion in assets, more than 2,000 branches and offices in over 50 countries, and a strong presence throughout the Caribbean and Latin America.
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