IIC and DKDR Haiti, S.A. sign loan agreement under the Small Business Revolving Line
03/10/2011IIC continues to support Haiti’s textile industry, a sector that benefits from the HOPE Initiative
Washington, D.C. – On March 8, 2011, the Inter-American Investment Corporation (IIC) and DKDR Haiti, S.A. signed an agreement for a loan of up to US$360,000 under the Small Business Revolving Line (SBRL) in Haiti. This project seeks to provide DKDR Haiti, a manufacturer of men’s suits and coats, with financing to expand its production capacity.
The operation takes place within the framework of the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act passed by the United States Congress in 2008. Under this legislation, garments manufactured in Haiti may enter the U.S. market duty free. HOPE is intended to support progress toward a market-based economy, increasing employment, and eliminating barriers to U.S. trade.
According to Javier Hernández, IIC Investment Officer in charge of the operation, "This operation is expected to have a positive impact on the development of the private sector, create jobs, and benefit Haiti’s economy. The loan proceeds will enable the company to expand its production capacity and sales, which are all exports. DKDR Haiti is considered a good model for the textile industry in Haiti because it benefits from the HOPE initiative."
The signing ceremony took place in Washington, D.C. Dong Kyu Lee, General Manager, signed on behalf of DKDR Haiti, S.A. and Steven Reed, Deputy General Manager, signed on behalf of the IIC.
The SBRL is offered in The Bahamas, Barbados, Belize, Bolivia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, Suriname, Trinidad and Tobago, and Uruguay. It targets private companies operating in the agribusiness, manufacturing, wholesale, retail, service, and construction sectors, as well as any other sector that contributes to the local economy.About DKDR Haiti, S.A
DKDR Haiti S.A. was established in February 2008. It has 600 employees and manufactures men's suits, overcoats, tuxedos, and dress pants. The owners have extensive experience in the textile industry. The company operated as DKDR Dominican Republic for more than 15 years before moving operations to Haiti.About the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int
From left to right: Chun Ho Lee, Dong Kyu Lee, Steven Reed, and Martín BèsPress Release also available in French
Contact: Javier Hernández (in Washington D.C.)
Telephone: (202) 623-3992