WASHINGTON, United States (CMC) — The Inter-American Development Bank (IDB) has approved US$65 million of non-reimbursable financing to contribute to the sustainable economic development of northern Haiti by promoting the necessary conditions for the establishment and expansion of companies in the Caracol Industrial Park (CIP).

“The main strategy of the programme is to establish the operational and infrastructure base necessary for the PIC to become a successful industrial park in the Caribbean, attracting investment and becoming self-sustaining,” the IDB said.

The Washington-based financial institution said this new operation will increase its total investment in the CIP to US$263.5 million in fulfilment of the original commitment to finance the infrastructure required for the park to generate 20,000 jobs.

By 2026, once the disbursements for this operation are completed, the IDB said the CIP will be the largest self-sustaining industrial park in Haiti, employing about 22,000 workers.

The IDB said the objectives of the financed project are to strengthen the management of the CIP in a sustainable way and in line with international standards; to expand infrastructure to meet growing demand; and to improve the preparation of the workforce by promoting the development of skills according to the needs of the park’s operating companies and fostering a safe and inclusive work environment.

“The project will also provide technical assistance to establish a professional entity with sufficient autonomy to manage the CIP, and to the environmental, social, and health and safety team of the industrial park,” the IDB said.

Likewise, it said the expansion of the CIP warehouse surface will be financed to satisfy the additional demand of current operators and promote innovation and local entrepreneurship.

The project will also focus on empowering current and future CIP workers, and promoting labour mobility and gender equality in training activities, the IDB said.

It said this programme is framed within the priorities established by its Vision 2025, “which prioritises social inclusion and equality; productivity and innovation; and economic integration and resilience to climate change”.

The IDB said the funds will be disbursed over a five-year period, starting in 2022 and that the financing corresponds to the most recent stage of the Productive Infrastructure Programme in Haiti, which has been in place since 2012.