A senior official of the World Bank has arrived in Haiti for talks with business leaders on projects and private-sector investments that can help create employment, promote financial inclusion, and increase private sector participation in the delivery of much needed infrastructure services in the French-speaking Caribbean Community (CARICOM) country.
“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 Georgina Baker, of the International Finance Corporation (IFC), which is a member of the World Bank Group.
“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,” said the Regional Vice President for Latin America and the Caribbean, Europe and Central Asia.
Among 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 per cent the production capacity of electricity in the metropolitan area of Port-au-Prince.
The IFC has 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.
IFC said its 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.