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Haiti-World Bank relations

In September 1953, Haiti initially became a member nation of the International Bank for Reconstruction and Development (IBRD), the first of five member institution of the World Bank Group. Despite its desperate poverty and urgent needs for humanitarian aids as the poorest country in the western hemisphere, Haiti's political instability and international discords by dictatorial regimes limited accessibility to international aids and cooperation for the country development due to its lack of governance capacity that was seen inefficient to absorb foreign assistance. This result only a little improvement but the country. The country remained dysfunctional and impoverished despite billions in foreign aid over decades.

The World Bank Group’s involvement in Haiti has aimed at reconstruction and development of the country that deteriorated by ceaseless civil unrest, decades of the extreme poverty, and devastated by a series of natural disasters. Following its satisfaction for the requirements of domestic economic and social reforms, in 2009, Haiti was granted total the US $1.2 billion by reaching the finishing point under Heavily Indebted Poor Country (HIPC) debt relief initiative approved by the Boards of the International Development Association (IDA) and the International Monetary Fund (IMF). In response to the catastrophic earthquake in Haiti in January 2010, IDA waived the remaining US $36 million of debt for the country in May, and the World Bank made the US $479 million funds available for Haiti's recovery from the earthquake and for its development through June 2016.

In September 2015, the World Bank Board of Executive Directors endorsed New Country Partnership Strategy in Haiti. The Country Partnership Framework is collectively set by the Haitian Government, and branches of the World Bank Group including the International Development Association (IDA), International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). The World Bank in Haiti focuses on projects to increase the government capacity by enhancing energy accessibility and developing renewable energy infrastructures that facilitate the country's economic opportunity, strengthening human capital through improvement in education welfare and health services, and improving climate resilience and disaster response capacity. As of April 2017, the World Bank’s portfolio in Haiti arranges 13 on-going projects with a net committed the amount of US $637.8 million.

The International Finance Corporation (IFC) has focused Haiti’s flagship private sector projects. IFC committed portfolio in Haiti of US $122 million through the Country Partnership Framework in 2015. Sylvain Kakou, IFC Country Head in Haiti, said the IFC has become the largest provider of foreign direct investment in Haiti for the private sector to foster economic growth. The support facilitated the resumption of business after an earthquake and provided packages of loans for private sector clients including the independent power producer, two banks, a micro-credit institution, mining exploration, hotel, and an industrial park. The International Finance Corporation (IFC) has supported many of Haiti’s private sector projects with its portfolio of investments amounted to US $ 32.7 million for 7 transactions. The support facilitated resumption of business after earthquake and provided packages of loans for private sector clients including the independent power producer, two banks, a micro-credit institution, mining exploration, hotel, and an industrial park.