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Haiti - Economy : $70M to expand the Caracol Industrial Park
12/12/2014 11:04:09

Haiti - Economy : $70M to expand the Caracol Industrial Park
The Inter-American Development Bank (IDB) today approved a grant of $55 million and co-financing from the United States government to the tune of $15 million. The total grant will therefore reach $70 million. This amount will be used to expand facilities for businesses at the Caracol Industrial Park (PIC) and create above-board jobs in the departments north and north-east of Haiti.

The transaction is part of PIC´s fourth phase and seeks to provide medium-term support for the industrial and urban base of Haiti in a context of environmental sustainability.Haitian authorities' priority is to contribute to the country's decentralization, encouraging economic growth by creating jobs in the poorest areas. It also aims to stimulate private investment, boosting manufacturing and the Haiti's export capacity.

6,800 jobs, 65% women

The program aims to generate 6,800 jobs by 2018 in companies that operate out of the industrial park. Approximately 65% of them will be for women.

The project will also boost payments into the social security system, rent and services provided by employers and lease-holders, as well as wages paid to workers at the park.

The new financing will focus on construction of buildings and factories for industrial activities and structures to meet the demands of current tenants and new ones that will set up shop in the PIC. Furthermore, there will be an expansion of roads and public services.

Funds will also be allotted for projects that boost urban development, transport and other public works in the communities that surround the PIC, such as a bus garage and a bike path that will connect the PIC to the town of Caracol. The project also provides funds to create a management structure at Three Bays National Park (PN3B), recently created to protect bays, mangrove swamps and coral reefs in Limonade, Caracol and Fort Liberté.

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