Washington DC/ Port au Prince. — IFC, a member of the World Bank Group, will invest 5.3 million Canadian dollars in Eurasian Minerals Inc to support the company’s gold and copper exploration in Haiti and its other exploration work around the world. This investment reaffirms IFC’s commitment to social and economic growth in Haiti. It also comes at a critical time for supporting the country’s recovery through private sector participation.

This is IFC’s first exploration and mining investment in Haiti, a country whose natural resources have the potential to create much needed jobs and government revenues. Eurasian, a Canadian-based mining exploration company listed on the TSX Venture Exchange (EMX), currently provides employment to up to 800 workers in northern Haiti through an innovative program of short shifts at its exploration sites, which allows more job opportunities for local workers.

“IFC’s support of Eurasian Minerals is sending an important signal to the rest of the world that we are confident and supportive of Haiti’s recovery. We look forward to beginning a long-term partnership with IFC and will draw heavily on their global environmental and social expertise”, said Eurasian Minerals CEO David Cole.

“In these times, it is more important than ever for IFC to support responsible companies wanting to invest and have a positive impact in Haiti”, said Somit Varma, Global Head of IFC’s Oil, Gas, Mining and Chemicals Department.  “We are excited to be able to support the development of a mining sector in Haiti, which will hopefully result in economic growth opportunities for the country.”

IFC will help ensure that exploration and any possible future mine development is carried out in an environmentally and socially sustainable manner. Eurasian, in collaboration with its joint venture partner Newmont Ventures Limited, has already demonstrated its commitment to the people of Haiti by delivering freight containers of medical supplies, food and water and using its vehicles to assist the relief efforts with local transportation of people and supplies.

“We are pleased to see this project materialize now. We are currently engaging with clients in Haiti and identifying ways to help them contribute to reconstruction and economic recovery,” said Vincent Gouarne, IFC Director for Latin America and the Caribbean. “The private sector will have a key role to play in the reconstruction of Haiti, as has been the case in other natural disasters.”

In the past three years, IFC has ramped up its investment and advisory operations in Haiti with focus on promoting access to finance, infrastructure development, including telecom and energy, and supporting textile and manufacturing companies. Since 2006, IFC has committed $61 million in investment projects in Haiti's private sector. In addition, IFC’s advisory operations include training to improve managerial skills of local SMEs, and improving regulatory frameworks to attract investment.

IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by investments to help Haiti’s recovery.