Haiti Eyes Credit Guarantee Fund to Fuel Post-quake Growth

    Haitian President Rene Preval and World Bank President Robert Zoellick hold talks in Washington on March 9. The World Bank, along with the Inter-American Development Bank and U.S. Treasury, is working with the Haitian government to develop a partial credit guarantee fund and leasing mechanisms to help small businesses affected by the Jan. 12 earthquake. Photo by: Simone D. McCourtie / World Bank / CC BY-NC-ND Simone D. McCourtie / World BankCC BY-NC-ND

    Haiti and its partner aid organizations are seeking to stimulate credit flow in the quake-ravaged nation to help realize a projected growth of up to 10 percent next year, according to Haitian officials.

    The World Bank, Inter-American Development Bank and U.S. Treasury are helping the Haitian government prepare a partial credit guarantee fund and leasing mechanisms to assist small enterprises affected by January’s massive earthquake.

    Haiti and its aid partners hope capital infusion can help reverse an estimated 7 percent contraction of the economy this year due to the damage caused by the earthquake.

    “This is why we are working on all those measures to boost credit, we hope that next year we’re going to have 8-10 percent growth, hopefully,” Charles Castel, governor of the country’s central bank, was quoted by Reuters as saying.

    Meanwhile, Haiti has tapped an architectural planning charity founded by Britain’s Prince Charles to help oversee the reconstruction of the Centre Ville area, which was damaged by the earthquake.

    Centre Ville in Port-au-Prince is Haiti’s main commercial and administrative center. 

    Prime Minister Jean-Max Bellerive said Haiti was seeking a “coherent” rebuilding plan from The Prince’s Foundation for the Built Environment.

    “The contact has already been made, there is an informal agreement, we have to formalize all that,” Bellerive told Reuters over the weekend.

    About the author

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      Ma. Rizza Leonzon

      As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.