Haiti

Economy:
Haiti is the least-developed country in the Western Hemisphere and one of the poorest in the world; about 80 percent of the population lives in abject poverty. The economy grew 1.5 percent in 2005, the highest rate since 1999. Haiti suffers from rampant inflation, a lack of investment, and a severe trade deficit. The infant mortality rate of 71.7 deaths/1,000 live births is more than 11 times that of the U.S.

A recent Associated Press story on the depth of Haiti's poverty and its resulting food crisis reported that many poor Haitians have resorted to eating dirt to fill their bellies: "It was lunchtime in one of Haiti's worst slums, and Charlene Dumas was eating mud. With food prices rising, Haiti's poorest can't afford even a daily plate of rice, and some take desperate measures to fill their bellies. Charlene, 16 with a 1-month-old son, has come to rely on a traditional Haitian remedy for hunger pangs: cookies made of dried yellow dirt from the country's central plateau." See AP story for more details.

Nearly 70 percent of all Haitians depend on the agriculture sector, which consists mainly of small-scale subsistence farming. With widespread unemployment and underemployment; more than two-thirds of the labor force lack formal jobs. Haiti has experienced little formal job creation in the last ten years, although the informal economy is growing.

Climate for microfinance:
• Microfinance is an integral part of the relatively underdeveloped financial system.
• The regulatory environment is uncertain. U.S. Dept. of Commerce calls Haitian law, "deficient in a number of areas, including…bank and credit operations."
• Widespread corruption and frequent crime are major problems in Haiti.

Headquartered in Les Cayes, FINCA Haiti has branches in Aquin , Petite Goave, Ounaminthe and Chardonniere, and serves the southern, northern and western portions of one of the world's neediest countries.

Our average client is a married woman with 3-7 children who sells food stuffs, cookware, charcoal, used clothing, or soft drinks in a local market near her home. Even $1 per day of added income has an enormous impact on their families' quality of life.