The launch of the Caribbean Resilience Fund (CRF) created an investment fund that will help grow small- and medium-sized enterprises (SMEs) in Haiti by finding local and foreign investors, including among the Haitian diaspora. Such investment will create jobs and accelerate Haiti’s economic growth. The United States, through USAID, funded the Haiti-INVEST project and partnered with Delphin Investments to provide technical assistance to develop the CRF as a way to unlock access to capital for Haitian SMEs and help them expand their operations, increase their revenues, and create much needed jobs that Haiti needs to continue to develop. To date, Haiti-INVEST is supporting 19 SMEs seeking over $25 million in capital.
“This U.S. government-sponsored project creates a new foundation for the Haitian diaspora to contribute to Haiti’s development,” said U.S. Ambassador Michele Sison.
One in six Haitians lives abroad. While many are familiar with the power and impact of remittances, the Haitian diaspora are also looking for investment opportunities to help their home country develop. The CRF creates an opportunity for the Haitian diaspora to pool their money and make strategic investments, which gives Haitian companies another source of funding to help them grow.
Haiti-INVEST also helps businesses apply for loans and investments by funding transaction advisory firms that prepare Haitian companies to seek capital and connect them with local and foreign investors. . For example, SOFIHDES, a local development bank, is one of the transaction advisory services that partnered with Haiti-INVEST. They helped GADE S.A., a local manufacturing company, apply for a loan to expand its operations.
GADE S.A. produces a wide range of goods including hand-beaded bags and uniforms for schools, hospitals, banks, and other public and private institutions. Helping GADE S.A. grow and become more profitable translates to more jobs and more goods produced in Haiti. Founder Hans Garoute noted: “SOFIHDES has been extremely helpful in making us better candidates for a bank loan. We hope to hire at least ten more women in the next 12 months to increase production and serve our growing market.”
USAID/Haiti Mission Director Chris Cushing said: “USAID is thrilled to support technical assistance through Haiti-INVEST to help Delphin Investments create a fund that we hope will function for many years to come.”
Disclaimer: CRF has been separately created by Delphin Investments. Neither USAID nor any other U.S. Government agency was involved in CRF’s creation or establishment, nor do they have any ownership stake or control in CRF. Any communication, written or verbal, provided by USAID about CRF is not, and should not be construed as, investment advice, either on behalf of particular securities or overall investment strategies, and no such communications shall be deemed to constitute an offer or solicitation of an offer for acquisition of a stake in CRF. Any communication, written or verbal, provided by CRF may involve subjective judgment and analysis, which may or may not be correct. In all cases, interested parties should conduct their own investigation and analysis before making any potential investments. Neither USAID nor any other U.S. Government agencies involved, nor their respective representatives or agents, make any representation (expressed or implied) or warranties as to the accuracy or completeness of the data and information pertaining to CRF. Neither the Securities and Exchange Commission, any state securities authority, USAID, nor any other U.S. or foreign governmental agency has (1) passed on the merits of any of the securities or investment opportunities involving CRF, or (2) has endorsed, recommended or sponsored any of these securities.
