Tuesday, as part of the launch of the Credit Information Bureau (BIC) https://www.haitilibre.com/en/news-12334-haiti-economy-democratization-and-expansion-to-production-credit-access.html , Prime Minister Laurent Lamothe acknowledged that the credit crunch weighs heavily on Small and Medium Enterprises (SMEs), which are the engines of economic growth.

The Prime Minister announced the creation of a Working Committee composed of the Bank of the Republic of Haiti (BRH) and the Professional Association of Banks in order to identify and reduce structural impediments that affect the distribution credit.

The Head of Government stressed that the loans granted in the country, mainly finance trade and imports to more than 60%. Regretting that the agriculture sector, which accounts for 25% of Gross Domestic Product (GDP) has not even 1% of the credit.

Recalling that the ratio of loans reported to the deposits is 43% in Haiti, Prime Minister believes that to achieve the regional average of 63%, the banking system should provide additional loans of more than 25 billion gourdes compared to the current level of bank deposits.

For his part, Charles Castel, Governor of the Bank of BRH said the BIC is already operational and collecting information provided by banks on debt and the solidity of the debtors. "This information wil constitute an database that will be accessible under the law of 14 May 2012 on the organization of banks and other financial institutions."

The BIC will promote the strengthening of the Haitian private sector, support financial inclusion and lay the foundation for a strong and sustainable economy without threatening macroeconomic stability.

See also :

https://www.haitilibre.com/en/news-12334-haiti-economy-democratization-and-expansion-to-production-credit-access.html

https://www.haitilibre.com/article-12270-haiti-economie-note-sur-la-politique-monetaire-de-la-brh-septembre-2014.html (in french)

HL/ HaitiLibre