Friday, December 12, 2014

Haiti to expand business facilities at Caracol Industrial Park with support from IDB

The Inter-American Development Bank (IDB) has approved a grant of $55 million and co-financing from the United States government to the tune of $15 million to expand facilities for businesses at the Caracol Industrial Park (PIC) and create above-board jobs in northern and northeast Haiti, which are among the poorest departments in that country. 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.

The program aims to generate 6,800 jobs by 2018 in companies that operate out of the industrial park. Approximately 65 percent 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.

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