Article Information

• ARTICLE_POSTED_BY: Haiti Place Staff
• ARTICLE_POSTED_ON: Apr 24, 2015
• Comments : 1
• Views : 941
• Likes : 2
• Category : Other
• Description : A group of highly qualified professionals from the Haitian Diaspora is creating a new organization with a unique structure called The Haitian Diaspora Investment Fund Advisory Council. Their vision is to accelerate development in Haiti through the private sector.

Overview

• Fidel Louis
  A group of highly qualified professionals from the Haitian Diaspora is creating a new organization with a unique structure called The Haitian Diaspora Investment Fund Advisory Council. Their vision is to accelerate development in Haiti through the private sector.
  
  "This aid-driven economy isn't applicable in this day and age. The world is moving towards a global inclusive economy and Haiti is going backwards. What we decided is that we are going to turn the table around by including the private sector to take a different role, and the international financial institutions have agreed that the direction we are taking is pretty much sound," said Fidel Louis, Founder of the Haitian Diaspora Investment Fund Advisory Council.
  
  New approach
  
  This initiative has a unique implementation mechanism. It aims to attract investments to Haiti by involving an international bank that will manage the investment portfolio.
  
  The Haitian Diaspora Investment Fund Advisory Council will work closely with the Haitian government and the private sector in order to advise the international bank on which projects to finance. Then, the bank will manage the investments and the portfolio in terms of risks, returns, etc.
  
  The group aims to attract investments to Haiti from the international financial institutions, members of the Diaspora, and other investors from around the world.
  
  "We are taking accountability for all the projects," said Fidel Louis.
  
  "Our responsibility is to ensure that every project that gets the green light will be done on time and on budget. There would be no misallocation of funds, no mismanagement of funds, everything will be transparent. We will work with the Haitian Diaspora community to invest in Haiti, and their investment will be managed by an international financial institution. It is not a bank in Haiti, it is not our bank, we are not the ones managing the money."
  
  Four Funds
  
  According to The Haitian Diaspora Investment Fund Advisory Council there will be four different funds: the Education Fund, the Healthcare Fund, the Industrial Fund, and the Agricultural Fund.
  
  Each fund would have a senior advisor, someone who will be overlooking every single type of investment pertaining to Haiti development. That advisor will work with the different entities, especially the government entities, in order to determine key strategies and make recommendations to the bank.
  
  Diaspora involvement is key
  
  Louis believes that the Diaspora should be actively involved financially in the development of Haiti, and that there will be financial incentives to do so.
  
  He gave an example:
  
  "Let's say we go into building a hospital in a northern side of Haiti, and let's just say that the operational cost over the next seven years, for example, will cost 40 million dollars to get a good hospital up and running. Therefore, you give the Diaspora a chance to buy bonds for this projects and that's part of an investment. The dividends will be paid by the bank."
  
  Louis noted: "We are kicking it from an aid-driven economy now to the modern economy. And we know that requires bringing expertise in many different sectors. In my opinion, you want the Diaspora economy to participate in this overall development, because not only do we have the expertise and the qualifications, we also have the means. And the international community will listen to us much more than they would of the government."
  
  The Haitian Diaspora Investment Fund Advisory Council expects to start attracting investments to Haiti beginning with October 31 of this year.
  
  
  Copyright: 11thDepartment