USAID launches “Haiti INVEST” to open access to credit and capital for Haitian enterprises
The U.S. government, through USAID, launched an initiative to attract private capital and credit for small and medium sized enterprises across Haiti. The Haiti INVEST project will create a facilitation platform to mobilize financing for investment in high potential sectors in Haiti, such as agriculture.
“The new Haiti INVEST platform addresses the challenge of access to credit, and unlocks the power of private capital to drive inclusive economic growth,” said U.S. Ambassador Michele Sison. “Based on our extensive consultations with Haitian financial actors and entrepreneurs, we are creating a platform that will unlock the potential of private capital to drive equitable growth. And as access to capital affects all entrepreneurs – – including women business-owners — Haiti INVEST will afford equal opportunity and will encourage the participation of women throughout the process.”
Private sources represent 84 percent of financial flows into emerging markets. USAID believes the private sector is key in driving the economic development of Haiti and supporting Haiti on its journey to self-reliance. Through Haiti INVEST, USAID is opening a transparent path to mitigate risks and share rewards with diaspora and Haitian investors.
The new initiative has three main objectives. First, Haiti INVEST will mobilize debt and equity to support investment and facilitate financing that would otherwise not occur and that will spur growth as well as increased competitiveness in enterprises in target sectors. Second, the project will build local capacity for mobilizing financing by supporting business advisory service providers, transactions advisors and financial institutions to originate, structure, and close complex transactions. For example, Haiti INVEST will pay transaction fees based on results to business advisory service providers and transactions advisors that help qualified businesses access finance. And third, Haiti INVEST will facilitate the creation of a convening body to address systemic and institutional constraints to financing and investment facilitation, while developing and implementing a sustainability strategy for the platform.
Haiti INVEST is supported by USAID INVEST, a global initiative to mobilize private capital for development by conducting assessments, structuring funds, and providing transaction advisory support.
For more information, visit: www.usaid.gov/invest