Port-au-Prince, Haiti, March 9, 2010
—IFC, a member of the World Bank Group, received board approval for a $35 million emergency investment program to help private companies restart operations and preserve and create jobs in Haiti, in the wake of the devastating earthquake that struck the country in January.
“IFC’s emergency program aims to help rebuild Haiti’s private sector companies and to support their role in the recovery process by creating or saving thousands of jobs,” said IFC’s CEO and Executive Vice President Lars Thunell. “Support for the private sector is needed so that companies can rebuild infrastructure, provide goods and services, and provide financing for small businesses.”
IFC is responding quickly as part of the World Bank Group’s comprehensive approach to support Haiti. In a meeting today in Washington D.C. with Haitian President René Preval, World Bank Group President Robert B. Zoellick expressed his condolences for the tragic loss of life from January's earthquake and pledged the World Bank Group's continued support for government-led efforts to reconstruct the country.
IFC’s program would finance six companies in key sectors, including manufacturing, infrastructure, agribusiness and financial services. With a focus on creating jobs, IFC aims to help these companies get back to business, preserve their employees’ livelihoods, and reestablish critical supplies and services to their communities. Support for each company is capped at $10 million.
IFC is also responding through its advisory services program to help companies and government agencies expand Haiti’s special economic zones and improve regulations to retain and attract investors. This will ensure that the fast-growing garment sector can continue benefiting from the HOPE II Act that encourages exports to the United States.
This emergency program is a first step in IFC support for Haiti. It will be followed by additional investments for long-term financing in infrastructure and other key sectors, as well as an expansion of IFC advisory services.
IFC provides financing and advisory services, as well as leverages donor support for Haiti’s private sector to accelerate economic growth and improve access to basic services, particularly for the most vulnerable groups. Since 2006, IFC has committed $65 million in investment projects in the country. IFC has ramped up activities in Haiti in the past three years and established a full-time presence in the country in 2007.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
