Port au Prince, Haiti, January 17, 2020—Georgina
Baker, IFC Regional Vice President for Latin America and the Caribbean,
Europe and Central Asia, started a visit to Haiti to meet with business
leaders to discuss projects and private-sector investments that can help
create more jobs, promote financial inclusion, and increase private sector
participation in the delivery of much needed infrastructure services to
the Haitian people.
“Haiti continues to face severe development
challenges that require multilateral institutions like IFC to play an active
role in finding innovative solutions to spur job creation and economic
growth,” said Baker. “It’s important that Haiti maintains sound public
policies and adheres to contractual obligations with investors so the private
sector and foreign direct investment can be an engine of economic growth
and sustainable development in the country. We are especially committed
to working with Haiti to provide better infrastructure – including reliable
and affordable energy that reaches people across the country.”
Some of IFC’s flagship projects in Haiti
include financing power generation shortly after the country’s devastating
2010 earthquake. This investment in E-Power helped increase the electricity
production capacity in the Port-au-Prince metropolitan area by 35 percent
and the company continues to provide reliable electricity to the city.
More recent examples of IFC projects in Haiti
include a $2.5 million risk-sharing facility with Société Générale de Solidarité
(Sogesol), a leading microfinance institution, to support SMEs and agribusiness
in Haiti. Tackling the challenge of financial access for these businesses
is especially vital to creating jobs as Haiti’s SMEs employ 8 out of every
10 workers in the country.
IFC also worked to help Haiti create the
necessary conditions to develop the country’s leasing market, which can
help small and medium-sized businesses obtain financing without in a more
streamlined manner than typical commercial banks require to approve a loan.
After helping to create the necessary conditions for a leasing market,
IFC also approved a loan to Ayiti Leasing, the country’s first leasing
company, which is starting to transform how small businesses pay for the
much-needed equipment they need for their operations.
Another example of an IFC-supported project
in Haiti is the Caribbean Bottling Company (CBC). Established in the 1970s,
CBC employs 400 Haitians directly and provides jobs to hundreds of micro-retailers
in its distribution network. IFC’s $5 million loan is helping the company
double its production capacity and widen it’s its distribution network.
Ayiti Leasing, CBC and Sogesol received co-financing
from the International Development Association’s Private Sector Window,
a global facility of concessional funds to support high-impact private
sector investments in lower-income countries.
IFC’s operations in Haiti are focused on
supporting projects that can bolster access to finance for SMEs and women,
power generation, public-private partnerships in infrastructure, agribusiness
and tourism in the country.
About the IDA Private Sector Window
As part of the record $75 billion IDA18 replenishment,
the World Bank Group created the $2.5 billion IDA Private Sector Window
to catalyze private sector investment in the poorest and most fragile countries.
Recognizing the key role of the private sector in achieving IDA18 objectives
and the Sustainable Development Goals, the window provides concessional
funds for co-investment alongside IFC and Multilateral Investment Guarantee
Agency (MIGA) private investments. Concessional funds help to mitigate
risk and reduce barriers, which unlocks and crowds in private investment
in emerging markets. For more information, visit: http://ida.worldbank.org/psw
IFC—a sister organization of the World Bank
and member of the World Bank Group—is the largest global development institution
focused on the private sector in emerging markets. We work with more than
2,000 businesses worldwide, using our capital, expertise, and influence
to create markets and opportunities where they are needed most. In fiscal
year 2019, we delivered more than $19 billion in long-term financing for
developing countries, leveraging the power of the private sector to end
extreme poverty and boost shared prosperity. For more information, visit