Resources will expand "business incubator" pilot project and stimulate leasing services
Haiti will invest $17.25 million in programs to promote the development of micro-, small, and medium-size enterprises, and support the launch of leasing services to stimulate economic growth and generate sustainable employment, the Inter-American Development Bank (IDB) announced today.
One of the programs will expand a pilot project for sustainable textile production in priority economic areas. The program will include the use of a business incubator and the creation of "microparks" that foster micro-, small, and medium-size enterprises linked to industry, tourism, and agribusiness value chains.
Through the program, the business incubator is expected to support 56 new companies by providing technical, administrative, and financial support in the form of seed capital to implement medium- and long-term business plans.
The program will also include the creation of six microparks for firms that cannot afford their own production facilities. The microparks will give producers access to strategic investments in basic and productive infrastructure, technical assistance, and training in organization to support the generation of sustainable income.
A second program will encourage the creation of financing sources for small firms and agricultural enterprises. The program will finance loans for the creation of new leasing companies for machinery and other productive equipment.
An invitation will be made for the submission of leasing projects aimed at micro-, small, and medium-size enterprises, including small farmers. Resources will be provided to projects that demonstrate a potential for solid financial returns as well as a positive impact on beneficiary firms. Most of resources for this program will be provided by the government of Haiti.
The programs will be carried out by the Ministry of Economy and Finance in coordination with the Ministry of Commerce and Industry. Program resources will be provided by the government and the private sector of Haiti ($7 million), the IDB ($5.25 million), and the Haiti Reconstruction Fund ($5 million).