Haiti - World Bank : Donation of $75M to support job creation in Haiti
Tuesday, September 28, 2021, the Board of Directors of the World Bank approved a donation of US $75 million from the International Development Association (IDA) for the Jobs in the Private Sector and Economic Transformation Project (PSJET) in Haiti.
This project aims to contribute to the demand for labor by supporting micro, small and medium enterprises (MSMEs). The main results expected under this project include support provided to 4,000 companies, increased resilience of 51,000 jobs and the creation of around 10,000 new jobs.
"Haiti has experienced a cycle of low growth and limited poverty reduction due to frequent economic contractions. The Covid-19 pandemic has worsened an already difficult situation," said Laurent Msellati, head of World Bank operations in Haiti. "This donation will help stimulate the growth of the Haitian private sector, with a focus on women-led businesses. The main objective of this project is to create jobs by improving the access of MSMEs to finance and business development services. Encouraging the growth of these small Haitian businesses is essential to help the country emerge from the 'poverty trap' it finds itself in, stem the violence and create a more positive future for the Haitian people."
This Project will improve the growth capacity of viable micro, small and medium enterprises, contribute to economic diversification and strengthen the resilience of the economic sector in the face of climate change and shocks generated by natural hazards.
"By focusing on private sector employment and economic transformation, the project is part of the post-Covid-19 economic recovery plan which aims to give a strong impetus to growth and the creation of jobs over the period 2020-2023," declared Michel Patrick Boisvert, Minister of the Economy and Finance. Adding "At the start of the project, special attention will be given to micro, small and medium-sized enterprises in the areas affected by the earthquake in order to enable them to benefit more quickly from improved access to financing and accompaniement services."
