The devastating 2010 earthquake and subsequent hurricanes inflicted heaving damage on the country and its already struggling economy. Haiti is the poorest nation in the western hemisphere. Many Haitians depend on the remittances they receive from relatives living abroad, and these remittances make up approximately 20 percent of Haiti’s annual GDP. While the economy is showing signs of recovery, only a third of the population holds a formal job and around 80 percent of Haitians still lives below the poverty line.
In 1999, Accion began a partnership with SOGEBANK, Haiti’s largest commercial bank, to build SOGESOL, an independent, commercial microlending institution. As a shareholder, Accion plays an active governance role in the institution and has provided continuous technical assistance support to the organization. Accion has supported SOGESOL with the development and the implementation of credit methodologies, the training of loan officers, the documentation of policies and procedures as well as general credit management.
Accion is supporting partner SOGESOL with management and technical assistance services.