PromoCapital hopes to spend up to $150 million in Haiti over the next two years, says Henri Deschamps, a prominent Port-au-Prince printing and media executive who will chair the bank.

"People are quite fed up with Haiti being in constant upheaval, as are we. You have to go and try to make it better," he says. "Globally, the place looks like it's a shambles, but in fact individual businesses are slugging it out and succeeding."

Haiti is the poorest country in the Western Hemisphere and one of the poorest in the world. It is chronically dependent on aid from the United States, World Bank and Inter-American Development Bank, along with an estimated $800 million sent home annually by Haitian exiles working abroad.

President Jean-Bertrand Aristide fled the country Feb. 29 as rebels closed in on the capital and lawlessness engulfed the city. A 3,600-member multinational force, including 2,000 U.S. Marines, is in Haiti to keep order. An interim government says it will hold elections next year.

Deschamps says PromoCapital will be a pipeline for investment by some of the millions of Haitians abroad and fill a void left by undercapitalized commercial banks and weary aid agencies. He says PromoCapital will:

• Finance modernization projects. PromoCapital is looking at investments in telecom and housing for the working poor.

• Find partners for family-owned businesses in need of financing to expand.

• Offer credit guarantees to farmers and small and midsize businesses that suffered damage and losses from recent looting and vandalism. The guarantees will let entrepreneurs borrow on favorable terms from the country's commercial banks.

Dumarsais Siméus, a PromoCapital founder who owns a large food-processing business in Texas, says partners are looking for annual returns in the mid- or high teens, compared with the 20% to 40% returns typically sought by investors in private equity funds.

Traditionally, much of Haiti's business elite has been viewed with distrust by ordinary Haitians and government leaders alike.

"The Haitian business class has not been highly regarded for its ethos of enlightened self-interest," says Robert Maguire, a Haiti expert at Trinity College in Washington, D.C. "It wanted very much to protect its privileged position (rather than) use its investments for the well-being of society."

Quote: Originally posted by Guest on April-29-2004

 

Deschamps says PromoCapital will be a pipeline for investment by some of the millions of Haitians abroad.

Thank God   finally.  There you go folks; forget about US and Global Equity and Bond Markets or real Estate.

Now you can give your money to a bunch of crooks to play with in a lawless sinkhole like Haiti.   They have sucked the Haitians in haiti dry, now they are coming after the diaspora.

Since they are so wealthy, let them invest their own money.

 

Quote: Originally posted by Guest on April-29-2004

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 These rich guys finally want to invest some money in Haiti, but where why no we have been not informed about this new venture.Would will it be another mismanaged Co-op .If they are serious , I need to see some propesctus, plans of investment, they need to publish reports about the companies they are going to invest in. I need to see some accountabilty by having  a competent management system  in place who respond to the shareholders.This  is a start but I need to see some discussion , real interest for the poor,  and capital infusion from some of the rich in Haiti.

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Quote: Originally posted by Guest on April-30-2004

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 Yes, sir I am the one who wrote the original thread.Why should I not question this plan.I refuse to sit idle and say nothin or do nothin when I  think questions should be answere.That's the reason Haiti is in dilemna  right now,no one has the courage to say something  or do do something  positive, either they sing or play along, then when things go wrong they want to kill,burn ,write mayors  or whatever.Henri Dechamps has been in Haiti for how long? He chooses now to gather his friends to do something for Haiti, he should be put to test and his plan must be outlined , he will gather support but I would not be a puppet .

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Quote: Originally posted by Guest on April-30-2004

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Ouvè zorey nou pou tande, all foreign troops, all colonials, their Haitian lackeys, missionaries and most of all that SOB James Foley, soti sou do peyim tande. Ayiti pou Ayisyen.

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You can only fight capitalism with capitalism If you don't trust them to create a bank for you create you own bank "NIGGER, and guest"

 You guys/girls need to sotp being negative and embrace the new era in promoting positive idea with positive thinking. You need to ask for accountability, pro-format financial statements, business strategy, prostectuous, long-term investment, possible future project, disclosure of personal assets, and audits of the public assets.

Those are the questions that you need to ask rather than to engage in negative criticism. Positive thinking produce positive result however, negative though result to inaction, proverty, lost of energy, and inaction.

Ask how can you contribute to raise the standard of living in Haiti rather being inactive in yourself little coner and vandalize others ideas that are trying to make a step forward toward he right direction. It is time to focus on the future instead the past. You can use the past as a check point not the norm to accept or reject progressive ideas and intention.

I have lot more to share with you brothers and sisters but others would like to express their though as well.

Remember, only those who ask will receive an answer. The rest will continue to remain in the dark. 

Thank you