PORT-AU-PRINCE, Haiti - Bank of Boston Corp. said it had created an "on-lending facility" supported by the Overseas Private Investment Corp. that will make more than $65 million in loans for working capital and business expansion in Haiti.
"Haiti's economic future lies in the private sector," said Deputy Secretary of State Strobe Talbott in announcing the new pool of capital. "This facility will stimulate private sector recovery and encourage trade and investment between the United States and Haiti."
OPIC is guaranteeing $50 million of the facility, which will allow Bank of Boston to make small and midsize loans on commercial terms to expand businesses in Haiti, the bank said.
Bank of Boston Corp., has $44.6 billion in assets. It has 560 offices in 24 countries and employs about 5,000 people outside of the United States.