According to the International Finance Corporation (IFC), the project hopes to address the credit gap in Haiti which the Small and Medium Enterprise (SME) Finance forum estimates amounts to almost US$2.5 billion, with 49% of Micro-, Small, and Medium Enterprises reporting that they are under or unserved by financial institutions.
The specific objectives of this project are twofold:
The IFC will play several roles in the project to accomplish their stated goals:
The bank has rated this project FI-2 which corresponds to a B rating or medium risk.
The project will be supported by the Global Small and Medium Enterprise (SME) Finance Facility which is a partnership with the UK Department for International Development and the Government of the Netherlands.
The total project cost is up to US$10 million equivalent, with up to US$5 million for IFC’s own account and up to US$5 million from mobilized funds. At the time of writing it remained unclear where the mobilized funds would come from.
Banque de l'Union Haitienne (BUH) is headquartered in Port-au-Prince, Haiti. The Bank operates with a network of 14 branches in 6 provinces across the country.
Banque de l'Union Haitienne was established in 1973 as the first private commercial bank in Haiti. The Bank has been under the oversight of the Central Bank since 2006 due to weak asset quality and performance and in 2013, a controlling stake was acquired by a consortium of investors led by the leading insurance company in Haiti, AIC. BUH’s largest shareholders are AIC (20%), Deeb Group (9%), Hinoto S.A. (7.8%) and Handal Group (7.8%).
Chief Executive Officer
+509 3462 3630
20 Rue Villate, Petion-Ville, Haiti
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/