By the Caribbean Journal staff

Small and medium enterprises in Haiti are getting a boost thanks to a joint programme between the International Finance Corporation and local institution Sogebank.

The project involves reengineering Sogebank’s SME unit, improving its products and recruiting dedicated small and medium enterprise loan officers.

Sogebank is one of Haiti’s two largest private commercial banks.

The project, which is already underway, has helped small business grow from a small component of Sogebank’s business to a priority segment.

The plan is aimed at $40 million in funding for SMEs.

“This project shows IFC’s continued commitment to the development of the Caribbean, where we are supporting financial institutions in countries such as Belize, the Dominican Republic, Guyana to diversify their product portfolios, improve efficiency, reduce costs and strengthen risk management and corporate governance,” said Ary Naim, IFC Country Representative for Haiti.

The IFC is a member of the World Bank Group.