Published On: Fri, Nov 9th, 2012

DB grants $3.5 million to promote micro and small businesses in Haiti

WASHINGTON, USA – The Inter-American Development Bank (IDB) has announced the approval of a $3.5 million grant for a pilot program to foster the development of agribusiness, tourism and industrial services value chains, supporting the creation and growth of micro, small and medium-size businesses.

The pilot program will establish a “business accelerator” to boost the development of enterprises capable of seizing opportunities generated by investments involving agriculture, basic infrastructure and tourism, with an emphasis on Haiti’s northern region.

In addition, the program will test the use of productive communal areas (PCAs) for micro producers, providing them access to workshops and training to improve their skills. The goal is to enable persons of few means but with entrepreneurial drive to be organized by PCA managers who will help them build links with larger businesses and productive value chains in priority sectors.

The program, which will be carried out by the Ministry of Economy and Finance in coordination with the Ministry of Commerce and Industry, is part of the IDB’s efforts to promote private sector development in Haiti, which include expanding access to credit for businesses of all sizes and improving the country’s investment climate.

The IDB is also a leading donor to the Caracol Industrial Park project, which is helping Haiti attract investments and thousands of manufacturing jobs to its northern region.

Since the 2010 earthquake the IDB has approved $653 million in new grants and disbursed nearly $467 million to the Haitian government for projects in agriculture, education, energy, private sector development, transportation and water and sanitation.

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