Business & Finance

Clinton Bush Haiti Donation Fund invested in five star hotel

On one hand when over 500,000 Haitians are living in IDP camps in the capital city of the nation and its surroundings, 5 Star hotels are popping up and the latest being the Royal Oasis Hotel in the metropolitan area that is plagued by poverty. $2 million from Clinton Bush Haiti Donation Fund has been invested in erecting the luxury hotel, which was actually

This investment in building a luxury hotel comes with a hope that it will attract foreign investors who will invest in new factories in Haiti, paving the path for new jobs. The hotel is also built to attract humanitarian workers and wealthy tourists who have help the nation to revive from the ruins of the 2010 earthquake. There is however, a dilemma about this overall concept as experts refer to the Hotel Boom of Haiti as deep skepticism and cautious optimism.

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There is a propensity to blame the rise of the most vice-like aspects of Haiti's current culture on the January 12, 2010 earthquake. Prostitution is one such vice often named consequence of the earthquake. The truth is, prostitution had already been a problem in the country, but had been quickly exacerbated by the loss of life and livelihood that the catastrophe caused.

Many children were left without parents after the earthquake. Not only did this rob them of their main source of sustenance, but they also suffered the loss of much needed guidance and the hope and insouciance to be gained from having parents to fend for them.

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Wooden wheelbarrow or Bouret in Haiti is integrated deep into Haitian culture, Haitian society and Haitian soul. It is not just the medium of transporting goods but is also used for transporting people at times of emergency and is also, at time, used for moving livestock and dead animals. A Haitian man pulling a wooden wheelbarrow is common sight in Haiti. Though it may look simple, pulling a wood wheelbarrow laden with weight more than 10 times the weight of the man pulling the Bouret under the scorching heat of the Caribbean sun, requires a great deal of expertise, physical strength and knowledge of the turfs.

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In late December 2010, the Jamaica Broilers unveiled plans to open an operation in Haiti for the production of chicken and chicken by-products to meet the growing need, made more dominant by the earthquake earlier that year, in the Haitian market for protein. Haitian Broilers was born shortly after, a US$2-$3 million dollar project.

In its initial stages, the venture was a partnership with a Haitian entity which saw the country receive feed from Jamaica and chicks from the United States. Described as a mission for gathering information, the company's vice-president, Donald Patterson, has recently said that the now, positively successful venture has surpassed the beginning stages of JA broilers at a corresponding time in its infancy.

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A May 21st press release by the IDA (International Development Association) reveals that Haiti is about to benefit from $90 million in grants. The much needed funding will be used mainly for health services, with $70 million designated towards improving the accessibility of health care to new mothers and children. The remaining $20 million will be used to stimulate the economy by making favorable changes to the business arena aimed at ramping up the interest of private investors.

All in the aim of stimulating Haiti's still-struggling economy and bringing a better standard of living to its citizens, the grant is set to benefit nearly two million people directly from one of its two segments, health services. Via the Integrated Social Services Project, $90 million, an additional subsidized $20 million to be given by the Multi-donor Trust Fund for Health Results Innovation, will improve the health of expectant and new mothers in the West, Northwest and Northeast departments. The gains to be counted from the boost to the economy to improve foreign investment cannot yet be quantified.

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Brazil Foods (BRF), food-industry behemoth, has seeded the start-up of a poultry-processing plant in Haiti. They have finished conducting a study to find out if it's feasible to genetically engineer poultry to produce a meatier bird.

Specialist in supply-side economics, Mohammed Yunus, told delegates at the Social Business and Corporate Investment Conference BRF and his non-profit, Grameen, have forged a partnership to produce genetically-engineered poultry.

Grameen Bank, the non-profit's financing arm, will offer micro-financing to small businesses interested in genetically-modified organisms (GMOs). In the project's first phase, BRF will build a centralized processing center for genetically-engineered poultry.

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To help Haiti rebuild its infrastructure, the World Bank (WB) is working with the government of Haiti (GOH) to draft a proposal to modernize its mining law. Haiti's mining industry is a well-kept secret. Foreign mining companies have been quietly doing exploratory drilling in northern ranges close to the Dominican Republic border, having invested $30-plus million dollars. What they have uncovered is a mother lode of copper, silver, and gold ore, estimated at $20 billion.

For Haiti to benefit from this potential windfall, royalty rates need to be raised from two percent per ounce to at least nine to 12 percent. It's going to be a tough sell for WB and GOH to persuade Parliament for two reasons. First, Parliament cannot hold sessions unless all 30 senators are present. Some senators are absent because they are campaigning for re-election, although elections have yet to be announced. Second, the opposition party, holding a majority of seats, is against cooperating with the current administration.

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Haitian cell-phone users will now have access to online financial activities via an e-purse product, LajanCash. A French software developer, Tag Attitude, has developed the software that will permit users access to their bank accounts. They will have the ability to pay rent, bills, and groceries online. Tag Attitude is working with Central Bank to create policies for all online transactions.

LajanCash is the newest bank product offered by National Credit Bank (NCB), bringing it into the 21st century of information-technology banking. No matter what cell-phone brand the user owns, LajanCash can be used on it. The idea behind LajanCash is to move massive aggregations of users online to engage in commerce activities. This opportunity for consumers to join online banking communities will attract more choices to increase consumer satisfaction.

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Four months into the fiscal year, figures from the government of Haiti's (GOH) Budget Office suggest the Haitian economy is suffering an extreme lack of growth. A revenue deficit between 9 to 14 billion gourdes has been calculated from figures submitted by the Directorate General of Taxation and General Administration of Customs.

Senator Jocelerme Privert, who heads the Economy, Finance, and Budget Commission, revealed her fears the economy is not growing according to estimates given at the first of the year. In fact, according to her, revenues have fallen far short of projections.

Bank of the Republic of Haiti, Governor Charles Castel, representing the government of Haiti (GOH), responded to Privert at an arranged news conference. He said she was relying on incomplete information; the revenue deficit is not as bad as she thinks it is. He said her figures don't take into account the GOH's expenditures, when subtracted from revenues, comes to only a 2.6 billion-gourde public deficit. The public deficit is the difference between revenues and expenditures, and is the correct figure by which to determine the deficit.

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It has been reported that the Director-General of ONA, Bernard Degraff, spent a rough time today. Director of the ONA Bernard Degraff was in the Haitian Senate on Monday to answer charges of frauds and corruption. he was asked directly by the Chairman of the Committee of Security and Justice Haitian Senate, Pierre Francky Excius, to resign his post.

Direktè Jeneral la nan ONA, Bernard DeGraff, te pase yon tan ki graj jodi a. Direktè a ONA te nan Sena ayisyen a pou li te reponn akizasyon frod ak koripsyon. Prezidan Komite Sekirite ak Jistis, Pierre Francky Excius, mande Bernard DeGraff pou li bay demisyon li.

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