ARTICLE - IDB TO CREATE A SOCIAL INVESTMENT FUND

IDB WILL CREATE A SOCIAL INVESTMENT FUND
(HaitiLibre) -

In the absence of a development bank and of an agricultural credit bank, Haitian businesses lack credit. The Interamerican Development Bank (IDB) is contributing to the creation of a Social Investment Fund (FIS), which will work with banks and microfinance institutions (IMF) to co-finance their projects in order to facilitate the access to credit in the economy. "The FIS will be operational in September [...] it will help the agricultural sector to develop tools and resources" declared Felipe Gomez-Acebo, Senior Specialist in financial markets of the IDB.

"We know that job creation is closely linked to investment" he stressed. "It is no secret for anyone, that businesses [Haitian] lack aid [...] We are working to provide them the means, for the development of private sector in order to create jobs in the economy", while stating that the existence of the Business Development Service (BDS), which is already operating, will increase its financial capabilities for enterprises, in order to assist them in obtaining formal credit.

For his part, Eduardo Almeida, the IDB representative, announced last week that different projects will be implemented to support the agricultural sector. "32,000 hectares in the Artibonite, will receive aid both in irrigation infrastructure and in technical assistance. 15 million will be allocated for a project in the North and other funds will be added for the agricultural sector, including a special fund for the benefit of food safety [...] Finally, 40 million, will be approved for the creation of jobs, in favor of 8 channels selected by the Ministry of Agriculture, Natural Resources and Rural Development (MARNDR)."