The IDB approved $65 million of non-reimbursable financing for the expansion of the Caracol Industrial Park (CIP), in the north of the country
The Inter-American Development Bank (IDB) approved $65 million of non-reimbursable financing to contribute to the sustainable economic development of northern Haiti by promoting the necessary conditions for the establishment and expansion of companies in the Caracol Industrial Park (CIP), in the north of the country.
The main strategy of the program is to establish the operational and infrastructure base necessary for the PIC to become a successful industrial park in the Caribbean, attracting investment and becoming self-sustaining. This new operation will increase the IDB's total investment in the CIP to $263.5 million, in fulfillment of the original commitment to finance the infrastructure required for the park to generate 20,000 jobs. By 2026, once the disbursements for this Bank operation are completed, the CIP will be the largest self-sustaining industrial park in Haiti, employing approximately 22,000 workers.
The objectives of the financed project are: to strengthen the management of the CIP in a sustainable way and in line with international standards; to expand infrastructure to meet growing demand; and to improve the preparation of the workforce by promoting the development of skills according to the needs of the park's operating companies and fostering a safe and inclusive work environment.
The project will also provide technical assistance to establish a professional entity with sufficient autonomy to manage the CIP, and to the environmental, social, and health and safety team of the industrial park. Likewise, the expansion of the CIP warehouse surface will be financed to satisfy the additional demand of current operators and promote innovation and local entrepreneurship. The project will also focus on empowering current and future CIP workers and promoting labor mobility and gender equality in training activities.
This program is framed within the priorities established by the IDB's Vision 2025, which prioritizes social inclusion and equality; productivity and innovation; and economic integration and resilience to climate change.
The funds will be disbursed over a five-year period, starting in 2022. The financing corresponds to the most recent stage of the Productive Infrastructure Program in Haiti, which has been in place since 2012.
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.
Sarah Matthieussent Romain
IDB Project Team Leader
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