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Congresswoman Asks for Haitian Version of SAEDF

Congresswoman Yvette Clarke (D-NY) today asked President Obama to establish a Haitian Enterprise Fund, modeled after SAEDF. In her letter to the President, Rep. Clarke praised SAEDF and Ambassador Young. Below are excerpts from the Congresswoman’s press release.

Washington, D.C. – Today, Congresswoman Yvette D. Clarke attended the White House Rose Garden ceremony with Haitian President René Préval and President Barack Obama. President Préval addressed the nation after meeting with President Obama on the crisis in Haiti and the American response in the aftermath of the earthquake.

“I am thankful for President Obama’s commitment to helping Haiti through their relief efforts as the country continues to recover. This was one of the worst disasters in Haiti’s history,” stated Rep. Clarke.
Today, Congresswoman Yvette D. Clarke sent a letter to President Obama requesting that the U.S create a Haitian Enterprise Development Fund through executive order.

“After returning from a trip to Haiti last week and witnessing the destruction firsthand, it is clear that we must develop a long term strategy to cultivate lasting stability in Haiti,” stated Rep. Clarke. “That is why we need to create a Haitian Enterprise Development Fund (HEDF), which would make investments in Haiti’s private sector and foster economic stability and job creation.”

Enterprise Development Funds, established by the U.S. Congress in 1989, are modeled after private equity and venture capital funds and financed by U.S. foreign aid dollars. The purpose of Enterprise Development Funds is to encourage sustainable economic development through loans and equity investments in small-medium sized indigenous businesses in countries where such funding is unreliable or inaccessible.

“It is imperative that we act now to establish a Haitian Enterprise Development Fund. I want to thank former United Nations Ambassador Andrew Young for making this suggestion in the February 5, 2010 issue of Politico,” said Rep. Clarke.

“I look forward to working closely with the Obama Administration, Haitian President René Préval, and former U.N. Ambassador Young on this endeavor and similar solutions for Haiti,” concluded Rep. Clarke.

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