To encourage investment from the Haitian diaspora At the initiative of USAID and the Sogebank Foundation, the investment project called ''Haitian Diaspora Market Place''was launched Friday at the Karibe Convention Center during a ceremony attended by members of the private sector, representatives of government and the international agency. Funded to the tune of 2 million U.S. dollars by USAID and half a million by the Sogebank Foundation, the project is seen as an effort to reinforce the importance of the Haitian diaspora to the national economy. Recognizing this, the president of the Sogebank Foundation, Guy Rivière, speaking during the ceremony, highlighted the importance of transfers to the economy and their evolution over the years. Indeed, the volume of remittances from the Haitian diaspora has increased from 5 million dollars in 1995 to 1.7 billion in 2008. These funds, which generally are used for immediate consumption, could contribute to the creation of financial autonomy, "said Guy Rivière adding that the project aims to encourage Haitians of the diaspora to invest in their country of origin. Under the Haitian Diaspora Market Place, the projects submitted were approved to receive several grants in the range of 50,000 to 100,000 U.S. dollars. This, in prioritizing sectors such as agriculture, fisheries, livestock, crafts, assembly, tourism, information technology and communication, construction, and other complementary industries. In his speech on occasion, the director of USAID, Ms. Beth Cypser, argued that this project will bring a boost to the Haitian economy. She took the opportunity to invite Haitians of the diaspora to be involved in the project for improvement of living conditions of Haitians by creating wealth and jobs. Also present at the launching ceremony, Minister of Trade Marie Josée Garnier has pledged government support to this initiative which will provide an opportunity for members of the diaspora to be an integral part of Haiti. According to the owner of Commerce, the realization of the project ''Haitian Diaspora Market Place'' is a step towards sustainable development.

STATUS OF HAITIAN DIASPORA REMITTANCES Summary Largest export sector in Haiti: Migration of qualified human resources towards the U.S. and Canada Recent IDB studies: US $1.7 Billion of Diaspora's annual remittance to Haiti (More conservative figures: US $1 Billion) Persistent call from the Diaspora to find mechanisms that would guarantee the success, or, at least, the safeguard of their investments in Haiti Extensive knowledge acquisition and professional growth of Diaspora members that are capable to ensure the success of any joint investment projects with local or foreign investors

Overview of the HDM Project                    Fondation Sogebank and USAID to leverage Haitian Diaspora’s contribution to improving Haiti’s economic situation by launching this new USD 2.5 million program, called Diaspora RISE or Diaspora Leve Kampe!, through: a USD 500,000 contributions from Fondation Sogebank (FSGB) and Groupe Sogebank own resources, and a USD 2 million Diaspora Marketplace Program in Haiti allocated by USAID over a 2-year period in support of investments by members of the Haitian Diaspora in small and medium enterprises in economically productive and commercially viable sectors that have long been heralded as competitively advantageous for Haiti.   Overarching Goal and Vision of the HDM Project                 To accompany investors from the Haitian Diaspora in their job creating business ventures in productive sectors in Haiti. Main Objective and Mission of the HDM Project                   Contemplating activities including direct funding and technical assistance to create and stimulate the notion of “productive” investments with Haitians abroad and provide, under a pilot phase, support and financing to project opportunities for the utilization of these investments in Haiti   Main HDM Project Activities  Collect and summarize data and reports on Haitian investment environment and establish a proper project implementation mechanism, using existing facilities Promote, market and active campaign for effective application of Diaspora investments, and innovative and unprecedented Diaspora engagement schemes Establish a competitive selection process  of business applications based on their economic potential and feasibility soundness Implement an efficient project management strategy to apply the funding mechanism and monitor the expected counterpart funding, with adequate project monitoring and evaluation Initiate and develop contacts with other USAID projects, international community, local private sector, banks and other entities (including foreign investors) to leverage additional resources and extend this alliance and its benefits as a basis and a platform for a long term sustainable development approach  Project Implementation Timeline Phase 1: Project Design and Communication:                       2 months Phase 2: Business Application Request and Selection:          3 months (concurrent with other phases) Phase 3:  Portfolio Disbursement and Management:              21 months   Summary Financial Information on the HDM Project                              USAID Funds FSGB Contributions Project Management component (Phase 1, 2, 3) $500,000 $500,000 Grant components            $1,500,00       -           Grand Total  $2,000,000 $500,000