Washington DC, March 26, 2012
—IFC, a member of the World Bank Group, is investing up to $10 million in Leopard Capital’s Haiti Fund, an investment that will support small and medium businesses crucial to job creation and sustainable economic growth.
The investment, IFC’s first private-equity transaction in Haiti, is part of the Corporation’s strategy in the country—promoting and attracting private sector investments to foster a sustainable and inclusive economy and create the opportunity for people to improve their lives.
“Private sector investment is vital to building a strong and stable Haiti, and this transaction can help put the country on the path to economic stability—by supporting local businesses and showcasing Haiti’s potential,” said IFC Executive Vice President and CEO Lars Thunell. “This fund will work with companies that are critical to job creation, economic growth, and the country’s continuing recovery from the 2010 earthquake.”
The fund will seek to invest in small and medium enterprises in sectors such as low- and medium-income housing, construction, agribusiness, and hospitality. The fund is also expected to work to enhance corporate governance and environmental and social standards and practices of its portfolio companies.
“Haiti’s strategic position between North America and Latin America, makes it potentially attractive to both local and foreign investors,” said Ary Naim, IFC’s Country Head for Haiti. “IFC is working to put in place the capital, infrastructure, and expertise that the country needs to unlock this potential for all of Haiti’s citizens.”
Since the 2010 earthquake, IFC has committed five investments and significantly scaled up its advisory operations. To date, IFC’s portfolio in Haiti amounts to $45 million. It has mobilized an additional $15 million from others. IFC’s combined investment and advisory projects are helping create 5,000 new jobs and safeguard 5,000 existing jobs.
IFC’s Funds department has a portfolio of about $3 billion in 180 funds around the world. IFC is often the first private equity investor in some of the world’s poorest countries, including in post conflict states such as Sierra Leone and Liberia. Since 2007, over 50 percent of funds supported by IFC have been in the world’s poorest countries and 65 percent of the companies supported have been small and medium businesses.
About IFC
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
.
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