Port-au-Prince, Haiti, December 14,
2011—IFC, a member of the World Bank Group, and Haiti’s Sogebank
are collaborating to improve Sogebank’s services for small and medium
enterprises, an initiative expected to substantially increase funding for
SMEs and help create jobs in Haiti.
The project involves reengineering the
bank’s existing SME unit; improving its SME products, methodology, and
risk management; and recruiting and training dedicated SME loan officers.
As a result of these efforts, SME banking has grown from a small component
of Sogebank's business to a priority strategic segment. The project is
expected to result in over $40 million in funding to SMEs.
Sogebank, Haiti’s leading bank, rolled
out the new initiative at a women's fair organized by Vital Voices (vitalvoices.org),
an NGO that promotes local women’s handicrafts. Given the pilot’s success
in Port-au-Prince, Sogebank will bring the SME loan product to the rest
of the country.
This project is part of IFC’s MSME
Finance Program in Latin America and the Caribbean, in partnership with
the Netherlands-IFC Partnership Program, known as NIPP. IFC’s work with
Sogebank is of significant strategic importance, given the Corporation’s
focus on Haiti, the country with lowest income per capita in the Latin
America and the Caribbean region.
“This project shows IFC’s continued
commitment to the development of the Caribbean, where we are supporting
financial institutions in countries such as Belize, the Dominican Republic,
Guyana, and Jamaica to diversify their product portfolios, improve efficiency,
reduce costs, and strengthen risk management and corporate governance practices,”
said Ary Naim, IFC Country Representative for Haiti.
Sogebank is the leading bank in Haiti.
With the largest branch network in the country, Sogebank has products spanning
retail and corporate banking, microfinance, remittance distribution, and
factoring. For more information, visit www.sogebank.com
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org.