Haiti - Economy : $3M to develop Micro and Small Businesses
The Caribbean Development Bank (CDB), Inter-American Development Bank (IDB), Global Affairs Canada and Desjardins International (DID) of Canada partner to increase access to business loans, savings products and loans. Services for Micro and Small Enterprises (MPE) in Haiti.
The project entitled "Support for the Establishment of a Specialised Micro and Small Business Financing Assessment Unit, within the Le Levier Fédération (a network of savings and credit cooperatives)" will support the Federation in implementing place of a unit specializing in finance for MEPs. The project provides for an investment of US $3.04 million, which includes a $500,000 loan component for on-lending, to Le Levier's first-rate credit and savings cooperatives, which use the Center's model. affiliate for Financial Entrepreneurs (CFE) for the financing of MSEs.
The remaining resources will be used to support the establishment and implementation of the CFE model in participating financial cooperatives. The CBD will focus specifically on underserved and unserved MSEs in Haiti, commiting up to USD500,000 for funding activities related to the establishment of CFE in northern and southern Haiti
"Providing credit and savings support for MSEs will contribute to enterprise growth and sustainability, while improving the living and economic conditions of several rural householders in Haiti, who otherwise would experience financial exclusion" said Peter Blackman, Portfolio Manager and Guillermo Aguilar Rios, Operations Officer of the Private Sector Development Unit at CDB.
