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The IFC, a member of the World Bank Group, and Haiti's Sogebank are collaborating to improve access to financial services for local SMEs, an initiative expected to result in more than US$40mn in funding for SMEs and job creation, a press release from the multilateral reads.
The project involves reengineering the bank's existing SME unit; improving its SME product line, methodology and risk management; and recruiting and training SME loan officers.
This project is part of IFC's MSME Finance Program in Latin America and the Caribbean, in partnership with the Netherlands-IFC Partnership Program, known as NIPP.
Sogebank is the leading bank in Haiti and offers retail and corporate banking, microfinance, remittance distribution and factoring.