IFC to Help Provide Disaster Insurance for Micro-Entrepreneurs in Haiti

By: Caribbean Journal Staff - January 30, 2013

Above: flooding after Sandy (UN Photo/Logan Abassi)

By the Caribbean Journal staff

The International Finance Corporation, a member of the World Bank Group, is partnering with donors on a programme to help provide disaster insurance for micro-entrepreneurs in Haiti.

The Microinsurance Catastrophe Risk Organization (MiCRO), aims to help thousands of low-income micro-entrepreneurs protect their businesses against weather related risks and natural disasters.

Despite the fact that Haiti is prone to several forms of natural disasters, including hurricanes and floods, only 0.3 percent of the country’s population has some form of insurance, one of the lowest rates in the world, according to the IFC.

The $1.96 million project includes a $1.7 million performance-based grant, and $260,000 in technical assistance from the Global Index Insurance Facility, a programme managed by the IFC and jointly implemented with the World Bank.

“There is tremendous potential in Haiti. By working with IFC and our local partners we can provide much-needed insurance that helps Haitians unleash economic growth,” said Javier Niño Perez, Head of the EU delegation in Haiti. “This project in Haiti is an important step toward developing sustainable local markets for insurance that helps the poor protect themselves from natural disasters and weather-related risks.”

GIIF is funded primarily by the European Union, with additional funding from Japan and the Netherlands.

The project will be distributed through microfinance firm Fonkoze.

Over the next three years, 70,000 Fonkoze clients, largely rural women in Haiti, are slated to be insured through the programme.

“In Haiti, entrepreneurs at the base of the pyramid, and women in particular, must be given the opportunity to generate income for their households, grow their businesses, create jobs, and build assets,” said Ary Naim, IFC Representative in Haiti. “With this innovative product, IFC hopes to have a strong impact, preventing natural disasters from wiping out the hard work of thousands of Haitian entrepreneurs to get out of poverty.”

Popular Posts the beach at the avila hotel in curacao

Delta Is Adding More Nonstop Curacao Flights, Citing “Booming Demand”  

Curacao is hotter than ever, with a wave of new hotels and record-breaking tourism numbers. And just a few months after Delta made its long-awaited return to the island, the carrier is adding even more flights.  The reason? What Delta […]

Looking for a Budget-Friendly Montego Bay Vacation? There's a New Hotel for That  

jamaica new hotel montego bay

It’s home to one of the most famous streets in the Caribbean, named after one of Jamaica’s global music icons: Jimmy Cliff Boulevard.  While the heavily-trafficked street has seen its share of ups and downs in recent decades, that’s been […]

When the Caribbean Island of Montserrat Was the Center of the Pop Music World

air studios in montserrat

Legendary Beatles producer Sir George Martin’s dream was not just to build a recording studio in a Caribbean paradise, but to raise up the fortunes of an island he dearly loved in the process. On Montserrat, for a brief but […]

Related Posts haiti spirit airlines cap-haitien

Spirit Relaunches Flights to Cap-Haitien, Haiti

Spirit Airlines has relaunched its flights from Fort Lauderdale to Cap-Haitien on the northern coast of Haiti.  The low-cost carrier resumed the service between Fort Lauderdale-Hollywood International Airport and Cap-Haitien International Airport on Dec. 3.  The service is the only […]

Eastern Airlines Is Launching Flights to the Dominican Republic

dominican republic eastern airlines

The revived Eastern Airlines is back in the Caribbean.  The new iteration of the once-legendary carrier is set to launch expanded Caribbean flights in December with service to Santo Domingo, Dominican Republic.  Eastern Airlines will be launching twice-weekly flights from […]

From The Bahamas to Jamaica, The Talking Heads’ Caribbean Love Story

bahamas talking heads jamaica

Talking Heads drummer Chris Frantz’s new book, Remain in Love, is a billet-doux to his bandmate and wife of more than 40 years, bassist Tina Weymouth, as well as documenting the couple’s musical journey together — first, as part of […]


Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.

No. Thank You