IDB Invest supports access to durable goods and financial services for underserved consumer markets in Trinidad and Tobago

07/11/2018

IDB Invest seeks to partner with Trinidad and Tobago’s women business owners and microentrepreneurs, through its financing of a local durable goods and financial services company

IDB Invest, the private sector institution of the IDB Group, disbursed financing of up to US$15 million to Unicomer Trinidad, located in Trinidad and Tobago and part of the Unicomer Group. This is a medium-term, local currency loan. The funds are intended to finance the client portfolio of Unicomer Trinidad, with a particular focus on reaching low-income citizens.

This loan will allow IDB Invest to support Unicomer Trinidad in strengthening its offer of access to durable goods and financial services, through access to credit, for clients of underserved populations in the country. The participation of IDB Invest also promotes the increase of loans to microentrepreneurs and women.

The disbursement of this transaction coincided with a recent visit to Trinidad by IDB Invest CEO James P. Scriven. During Mr. Scriven’s visit, meetings were held with leaders of the public and private sectors of Trinidad and Tobago, including Trinidad and Tobago Minister of Planning and Development The Honourable Camille Robinson-Regis, as well as representatives of the Trinidad and Tobago Chamber of Industry and Commerce, and Trinidad Hotels, Restaurants and Tourism Association, among others.

About IDB Invest

IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of US$11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation.

About Unicomer Trinidad

Unicomer Trinidad, a market leader in Trinidad and Tobago, sells and finances durable goods, including electrical appliances, electromagnetic devices, furniture and motorcycles, among other complimentary services. Unicomer Trinidad is part of Grupo Unicomer, which has similar operations in 24 countries in Latin America and the Caribbean. In all its operations, it is considered an important source of employment, half of which are women. In 2016, Grupo Unicomer earned an international standard of BB- by Standard & Poor's (S&P) and FitchRatings.