On Monday September 28, USAID Acting Director for Haiti Alex Deprez and Jocelyn Saint-Jean, Director General of Le Levier Federation of Savings and Loan Cooperatives, signed an agreement under which USAID will provide $3.7 million in loan guarantees to Le Levier.
Under the agreement, Le Levier will now be able to provide $7.5 million in financing over a six-year period for micro, small and medium farms and other enterprises in rural areas of Haiti. By helping Le Levier increase the number and size of loans available while decreasing requirements for collateral, USAID seeks to support job creation and economic growth in the agricultural sector throughout Haiti.
The majority of the loans will be for agricultural needs of small farmers, such as seed, fertilizer and equipment. A small amount will be available for businesses that help get products to market.
“This agreement will help thousands of Haitians farmers get the loans they need to build a more stable, prosperous way of life,” said Alex Deprez. “It will help create more and better jobs in Haiti’s agricultural sector.”
Eight selected members of Le Levier federation of savings and loan cooperatives will receive loan guarantees, and more members may be added in the in the future. This program also will be supported by technical assistance from HIFIVE, a new USAID program that extends USAID’s longstanding support to the financial sector. (End of text)