World Bank to invest US$320 million to support Haiti
Key Points(5)
- The World Bank Group has approved a new strategic partnership with Haiti, aimed at helping the country recover economically and socially over the next five years, from 2025 to 2029.
- With Haiti facing major challenges, including political instability and gang violence, this new plan is designed to support recovery efforts and prevent further damage to the country’s infrastructure and human capital.
- Haiti’s ongoing crisis has greatly impacted its development, and the new strategy comes at a crucial time.
- It focuses on providing immediate support to Haiti’s most vulnerable populations while setting the stage for long-term recovery.
- The World Bank plans to invest approximately US$320 million in grant financing to strengthen economic governance, create jobs, and ensure essential services continue despite the country’s struggles.
The World Bank Group has approved a new strategic partnership with Haiti, aimed at helping the country recover economically and socially over the next five years, from 2025 to 2029.
With Haiti facing major challenges, including political instability and gang violence, this new plan is designed to support recovery efforts and prevent further damage to the country’s infrastructure and human capital.
Haiti’s ongoing crisis has greatly impacted its development, and the new strategy comes at a crucial time. It focuses on providing immediate support to Haiti’s most vulnerable populations while setting the stage for long-term recovery. The World Bank plans to invest approximately US$320 million in grant financing to strengthen economic governance, create jobs, and ensure essential services continue despite the country’s struggles.
“Haiti needs to increase the resilience of critical state institutions and systems in the short term, while laying the foundation for long-term reforms,” said Alfred Metellus, Haiti’s Minister of Economy and Finance. “This new partnership will be key in helping Haiti achieve these goals.”
The new strategy also aims to create a better business environment to encourage private sector investments. The International Finance Corporation will focus on promoting economic growth, creating jobs, and enhancing productivity in Haiti’s private sector.
“The World Bank will focus on helping Haiti’s poor and vulnerable communities, while also building the foundations for long-term growth,” said Anne-Lucie Lefebvre, World Bank Country Manager for Haiti.
To make sure the new strategy works even in Haiti’s uncertain environment, the World Bank plans to use a flexible approach and focus on areas with the greatest needs. This strategy was developed after consultations with the Haitian government, the private sector, civil society, and development partners.
Along with the new partnership, the World Bank’s Board of Directors also approved a US$60 million grant to improve Haiti’s public financial management. The project aims to strengthen government capacity, improve budget management, and enhance efficiency in customs operations, all of which will help generate more revenue and create job opportunities.
This new partnership signals the World Bank’s commitment to supporting Haiti’s recovery and building a more resilient future for the country.
