DIG Reaches Major Milestone with the Signature of a $9 Million Loan to Haitian Finance Instituion, Le Levier Federation
Monday, April 25, 2016
Development Innovations Group (DIG) is pleased to announce that Le Levier
Federation, the federation of credit unions in Haiti, has signed a loan
agreement with DIG and the Overseas Private Investment Corporation (OPIC).
With this $9 million loan from DIG’s Rebati
Fund and its more than half a million members, Le Levier will be able to direct
financing to its credit unions for housing and business development activities
to spur economic growth. Combined with the original $8 million loan to
Société Financière Haïtienne de
(SOFIHDES) in September 2013, DIG has successfully committed
the entire $17 million of the Rebati Fund.
Federation’s General Director, Mr. Jocelyn Saint-Jean, hailed the Le Levier
team saying, “Le Levier is still a young institution. It is an important milestone to meet the rigorous
institutional evaluation criteria of an international group such as OPIC/DIG
and then to negotiate successfully such a significant loan. The signing of this loan agreement represents
an affirmation of the Federation’s development, discipline and capabilities.”
loan, along with the $8 million loan to SOFIHDES, provides critical capital for
Haitian homeowners and businesses – financing that would otherwise have been
unattainable for many members. The demand for medium and long term financing
for housing loan products outpaces the Federation’s member savings, thus
limiting its ability to infuse capital into the Haitian economy. With the loan from the Rebati Fund, Le Levier
can expand its capital base and accelerate financing for an estimated 3,000
individual borrowers at nine of its member cooperative financial institutions
over the next seven years.
Rebati Fund (which means “rebuild” in Creole) is a $17 million fund launched by
DIG in response to the catastrophic earthquake of January 2010 with financial support from the Overseas Private
Investment Corporation, the U.S. Agency for International Development (USAID)
and the Clinton Bush Haiti Fund. It provides Haitian financial
institutions with long-term, affordable capital for up to ten years.