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Saturday, May 5, 2012
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Thursday, May 3, 2012
The Clinton Bush Haiti Fund invests another $3.2M to support Haitian enterprises
WASHINGTON, DC – As the world remembers the earthquake that shook Haiti two years ago, the Clinton Bush Haiti Fund joins Haitians in looking ahead, rebuilding the country and creating economic opportunity. As of January 6, 2012, the Fund has committed close to $36M to programs promoting smart, sustainable economic development. Part of this support includes today’s announcement of $3.2M in financing and business services for small and growing enterprises.
“The Fund is dedicated to supporting the Haitian people’s efforts to rebuild their own country. The successes we celebrate are not ours, but theirs,” Clinton Bush Haiti Fund CEO Gary Edson said. “While progress in Haiti can be difficult to measure, the Haitian businesses and workers we are supporting today are hopeful examples of how Haiti can thrive.”
Global Home and Office Smart:
The Clinton Bush Haiti Fund announced a program-related investment in Global Home and Office Smart, to make its new showroom a reality. With the Fund’s $350K loan, alongside the Haitian founders’ own contribution, Global Home and Office Smart is opening a downtown Port-au-Prince store this month. This Haitian company sells computers, office supplies, and textbooks in an extensive showroom.
Founded in 1999, Global Home and Office Smart is Haiti’s third-largest Haitian-owned office supply retailer. The earthquake destroyed its office building, warehouse, and much of its stock. However, the store’s three young entrepreneurs moved quickly into makeshift facilities, and positioned the company for growth. This loan will allow the business to complete the first step of a three-phase expansion—moving out of its temporary facilities in converted containers, and into a brand new furnished and stocked showroom.
The Clinton Bush Haiti Fund announced a second grant of $1.04M to Root Capital, a nonprofit social investment fund that is promoting rural prosperity for small and growing Haitian agricultural businesses. Through this grant, Root Capital will provide financing and deliver technical assistance to businesses in Haiti.
With the Clinton Bush Haiti Fund’s initial $1.0M grant and program-related investment in 2010, Root Capital brought its lending model to Haiti, and has already invested in six Haitian enterprises, including COOPCAB, a coffee cooperative with 4,000 members, and Carifresh, a produce exporter.
The Clinton Bush Haiti Fund also announced another boost for Haiti’s garment sector by committing to support the Haitian Network of Design (HAND) with an $847K grant. The grant, managed by Haitian nonprofit consulting firm CHAPE, will allow HAND and CHAPE to establish ModAyiti, a garment workshop. Under the roof of ModAyiti, designers will come together to design and produce clothing, shoes, jewelry, and handbags for markets in Haiti and abroad. Designers will use ModAyiti’s expertise and modern sewing equipment to fashion orders from pattern-making to final production.
Most individual ateliers—local workshops of three to four workers—are unable to support large garment orders because of capacity constraints. The ModAyiti apparel center will unite these talented textile professionals with the space, training, and resources to allow them to bring their design talent to an international market with quality products produced on a larger scale.
Posted by Famous Search at 2:33 AM
Wednesday, May 2, 2012
The Clinton Bush Haiti Fund is dedicated to empowering Haiti to chart its own successful future in the aftermath of the earthquake that devastated the country in January 2010. We do this by making catalytic grants and investments for long-term reconstruction and economic expansion. We focus on promoting job growth and economic opportunity primarily by:
· Supporting micro finance institutions, many of whose beneficiaries are women.
· Providing small and medium-sized enterprises with access to financing and business services.
· Facilitating training and workforce development for young people, women, and professionals, such as nurses, doctors, and engineers – the human capital that Haiti needs to “build back better.”
· Finally, the Fund continues to respond to critical, unmet needs.
Importantly, we are working to support the Haitian people’s efforts to rebuild their own country. Thus, any success realized by the Clinton Bush Haiti Fund is not ours, but theirs.
To this end, the Clinton Bush Haiti Fund has already committed more than two-thirds of the money it has raised ($36.1M of the $54.1M donated) to programs, and we continue to work with potential grantees to determine where the remaining third of donor dollars will be most effectively distributed. We have disbursed more than half (54%, or $19.5M) of the money we have committed. Less than 10% of the Clinton Bush Haiti Fund's resources are used to cover overhead expenses.
We disburse money to grantees and investees based upon mutual agreement. In many cases, rather than disburse all the funds at once, we make multi-year grants and investments, and disbursements are made over time in tranches. These tranche payments are keyed to performance, so that we can ensure that our funds are used most effectively to achieve the intended outcome. Formal grant and investment agreements, including specific requirements for monitoring, reporting and auditing, must be agreed upon and signed before money starts to be disbursed. This is essential to ensure that donor dollars are being well spent and are fully accounted for.
Although many of our projects are long-term and will only begin to bear fruit over time, we have already begun to see positive results. These programs have sustained or created close to 11,000 jobs to date, and are expected to support over 21,000 jobs total, in addition to the families that depend on these jobs. For more details on how our funds have been distributed, please visit our page on stewardship.
Tuesday, May 1, 2012
One of the poorest and least developed countries in the world, Haiti in recent years has struggled with problems ranging from near-constant political upheaval, health crises, an annual barrage of hurricanes and the worst earthquake in the region in more than 200 years.
The quake that struck on Jan. 12, 2010, reduced much of the capital, Port-au-Prince, to rubble. A study by the Inter-American Development Bank estimated that the total cost of the disaster was between $8 billion and $14 billion, based on a death toll from 200,000 to 250,000. That number was revised in 2011 by Haiti’s government to 316,000; the government has never explained how it arrived at its death toll figures.
An estimated 634,000 people live in displacement camps, according to the International Organization for Migration. International donors promised Haiti $5.3 billion at a March 2010 donor’s conference. But reconstruction involving better buildings and roads has barely begun. Officials’ sole point of pride six months after the earthquake — that disease and violence had been averted — vanished with the outbreak of cholera.
More than a year after the disaster, there were signs of impatience with the limping recovery and the waning international sympathy for Haiti’s enduring troubles as the neighboring Dominican Republic began deporting refugees. Haiti and its international donors were far behind in helping the hundreds of thousands still living in makeshift camps and the millions without formal jobs.
In March 2011, two conservative rivals faced off in a runoff election for the presidency. In April, it was announced that Michel Martelly, a performer with the stage name Sweet Micky, had defeated Mirlande H. Manigat, a former first lady and college administrator.