News

Haiti to Expand Business Incubator Project

By: Caribbean Journal Staff - December 27, 2012

Above: Haiti (IDB Photo/Peter Bate)

By the Caribbean Journal staff

Haiti will be boosting its a “business incubator” pilot project in the country with help from the Inter-American Development Bank.

Haiti will invest $17.25 million in programmes aiming to support the growth of micro-, small and medium-sized enterprises.

The funding will also go toward the launch of leasing services to “stimulate economic growth and generate sustainable employment,” the IDB said.

One of the programmes will expand a business incubator project that creates a system of “microparks” to foster small businesses in industry, tourism and agribusiness value chains. It will additionally expand a pilot project for sustainable textile production in “priority” economic areas.

The programme will encourage the creation of six microparks for firms that cannot afford their own production facilities, giving producers access to “strategic investments” in basic and productive infrastructure, technical assistance and training.

Another programme will encourage the creation of financing sources for small firms and agricultural enterprises by financing loans for new leasing companies for machinery and other equipment.

A report by McKinsey and the International Finance Corporation in 2010 found that only about half of Haiti’s 900,000 MSMEs have their leasing and credit needs met.

Haiti’s Ministry of Economy and Finance will be carrying out the programmes, in coordination with the Ministry of Commerce and Industry.

Haiti’s private sector and government will providing $7 million; the IDB will providing $5.25 million and the Haiti Reconstruction Fund will providing $5 million.

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