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World Bank insurance program in disaster prone Haiti

World Bank insurance program in disaster prone Haiti : an arm of the World Bank next week will unveil a $1.96 million project that aims to help thousands of low-income entrepreneurs in Haiti protect their livelihoods against natural disasters.

The International Finance Corporation says the program is much-needed. Only 0.3 per cent of Haiti's 10 million people have some form of insurance, one of the world's lowest rates.

Small entrepreneurs are particularly vulnerable to uninsured losses, and can default on debts and be disqualified from future loans when they need money to recover.

The insurance will be distributed through the Haitian microfinance institution Fonkoze, and is supposed to help up to 70,000 people over the next three years. The IFC made the announcement Friday. Details will be released next week.

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