PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

599059

Primary Business Area

Access To Finance

Disclosure Date

Feb 21, 2013

Country

Haiti

Region

Latin America and the Caribbean

IFC Approval Date

Dec 19, 2012

Status

Completed

Estimated Total Budget

$1,992,049.00
(Project budget includes all project-funded activities)

Last Updated Date

Jan 2, 2019

Project Estimated End Date

Dec 31, 2015

Project Description

The project will provide MiCRO with a performance based grant to offset the initial high premium costs to microfinance clients in Haiti. The two part project was designed based on a joint appraisal by a regional and global specialist team.
I. Performance-based Grant
A performance-based grant of up to US$1.7 million will be provided to a reinsurance facility to offset initial high premium costs to clients. Tranche disbursements will be linked to milestone targets to ensure performance, including number of people insured and/or value of premiums due to the reinsurance facility. The grant will enable the MFI distributor, Fonkoze to subsidize up to 50% of the client premiums, which will be progressively scaled down in years 2 and 3 of the project.
II. Advisory Services:
1. Redesign of microinsurance product offered by MiCRO to MFIs.
a. Revision of parametric (catastrophic, weather-based) product parameters.
b. Redesign of Fonkoze microinsurance product offered to microinsurance clients.
2. Support in expansion to additional MFI distribution channels.

Development Results