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Haiti - Economy : Credit Re-establishment in Haiti
04/10/2010 15:10:25

Haiti - Economy : Credit  Re-establishment in Haiti
Haitian authorities with the assistance of the World Bank, IDB and U.S. Treasury working on the preparation of a partial credit guarantee fund, leasing and mechanisms to enable small entrepreneurs and businesses to rebuild after the earthquake of January.

Accompanied by measures to facilitate the restructuring of bank loans and boost funding for the construction of the house, they hope that this injection of capital may help reverse the contraction estimated to 7% of the Haitian economy this year.

Last week, Charles Castel, Governor of the Central Bank, Jean-Max Bellerive, the Prime Minister and Ronald Baudin Finance Minister said that the availability of credit will strengthen measures to restore economic activity where tens of Thousands of jobs of the middle class and small entrepreneurs, have lost not only their homes but their livelihoods.

"Everything we do, in collaboration with banks trying to generate more investment in Haiti it is to support the middle-class in order to stop its escape of the country" said the Prime Minister. "Micro-finance has been constrained by the past because of prohibitively high interest rates charged by banks. We hope that the partial credit guarantee and industrial development fund, could initially provide $140 million in loans, and possibly more later"

In addition, the central bank has relaxed its requirements for bank loans to facilitate the restructuring of loans affected by the earthquake, and also relaxed the rules for reserve requirements for loans for residential and commercial property. In order to still reinforce the financing of the residences, the bank also works on a plan to offer long-term loans on 10-15 years tofixed rate for the residential real estate.

In addition to measures to facilitate the restructuring of bank loans and promote housing construction, it is expected that this infusion of capital helps to reverse the contraction of 7% estimated by economists "That's why we work on all these measures [...] with political stability, I think it is reasonable to think that we will have a strong growth [...] we hope that next year we will have a growth of 8-10%, with a little luck", said the governor of the central bank.

Another program that underlies the hope of achieving strong economic growth next year is a plan for infrastructure and development, which aims to use institutional aid and private investment to build roads, bridges, ports, airports and manufacturing facilities.

Jean Max Bellerive highlighted "the urgent need for a massive influx of foreign investment to supplement international assistance, which alone could mitigate the impact of the earthquake and put Haiti on the road to sustainable development". But the challenges are enormous, in particular the need for improving and for modernizing the legal and administrative structures in order to ensure the rule of the law and the safety in a society where they had long been largely absent "If society does not work Well, finances can not work" said Charles Castel.

S / HaitiLibre

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