18902: Walton: Re: Fwd: ::: PressRelease PromoCapita

[Bob Corbett <corbetre@webster.edu>]

From: robert.walton3@us.army.mil

PressRelease PromoCapital

PromoBank & NOAH
July 14, 2003
For Immediate Distribution

ANNOUNCING THE CONSTITUTION OF
The PromoCapital Haitian-American Investment Bank

On the eve of the 200th anniversary of Haiti's independence, more than five
dozen of the homeland's and the Diaspora's most successful entrepreneurs and
professionals gathered recently in Washington, D.C., to build the foundation
of an innovative institution -- one that will help revive the original
meaning of that independence.

Over the course of a three-day summit at Hay-Adams Hotel organized by
PromoBank and The National Organization for the Advancement of Haitians
(NOAH), building blocks -- the vision, mission, structure and implementation
plan -- were put in place for what will become Haiti's first multinational
investment bank.

Its name is PromoCapital, and its mission statement reads:

"The mission of this new financial institution is to bring together a team
of prominent Haitian and Haitian-American leaders with adequate expertise
and experience to create an investment infrastructure with global horizons
and limitless potential to contribute to the future welfare of our community
in Haiti and in America, while at the same time providing ethical and
socially responsive investments with equitable returns and benefits... An
institution which promotes financial independence, autonomy and security for
Haitians and Haitian-Americans."

The bank will invest in Haitian and Haitian-American enterprises in Haiti
and across the Diaspora that provide the best prospects for strong
investment returns, social good and job creation.

The bank, still in its embryonic stages, remains open to new horizons and
eventually new partnerships in the future, including with other Haitian
Banks, US Banks and US Investment Banks. The following preliminary goals for
the bank were discussed at the conference: 1) the identification of
promising young Haitians and Haitian-American entrepreneurs as potential
recipients for seed capital, 2) a focus on businesses involved in energy,
education, communication, privatizations, health and environmental services.

The bank's goal is simple: To build a new, mutually-beneficial collaboration
between Haitians, the Haitian-American community and the Haitian banking
system; to invest in the untapped potential of Haiti's economy and to better
utilize the tremendous talent, creativity and drive of the Diaspora.

In doing so, the bank hopes to be an instrument for breaking the cycle of
aid, dependency and subservience between Haiti and the Diaspora. It seeks to
transform that relationship into a healthy, constructive partnership that
will benefit both Haitians and Haitian-Americans over the long run.

The bank will not be the answer to all of Haiti's problems, but it will be
an important step toward a better future and a powerful catalyst for
profound change.

This approach has the potential to radically change the Haitian banking
system and the transnational Haitian and Haitian-American economy as we know
it. Over the years, as the Diaspora has come of age, as Multi and Bi-Lateral
International Aid, ONG and Missionary Groups have flooded Haiti, there has
developed in Haiti a culture of dependency and one-way aid that wasn't there
before. Haitian Solidarity has become Haitian Dependence. With this new
approach, the endeavor will demonstrate that we prefer the mode of
self-respect, self-reliance, mutual-respect and mutual benefit -- the kind
of mutual respect that can come only from investment and partnership rather
than charity.

As part of the project, PromoBank, successor of the Banque Nationale de
Paris in Haiti, Haiti's fourth largest private bank, will leverage its
capital and expertise -- its knowledge of the local business terrain,
climate and regulations -- and help mitigate political and financial risks.

Highly experienced, competent and professional Haitian and Haitian-Americans
will be invited to contribute their talents, expertise, resources, scrutiny
and leadership to this bold enterprise as board members, consultants,
management and staff. The intention here is to make management of the bank
as democratic, diffuse and credible as possible. Participation, Oversight,
Checks and Balances are the key concepts underlying the venture.

The bank's launch date is September 1, 2003. It will begin operations in
January 2004.

Haiti is a proud nation that some say has lost its way. On January 1, 1804,
Haitian slaves and ex-slaves declared independence from Napoleon's French
Empire, transforming Haiti into the first independent black republic of the
world and a beacon of revolution, freedom and dignity. Its Diaspora has
since emerged as one of the most successful in America, Canada and Europe.

It is the express intention of all involved in this endeavor to help build a
future that lives up to the promise of this glorious past.


***************************
For more information about PromoCapital,
please contact Mr. Henri Deschamps, Mr. Michael Gay Sr., Mr. Dimy Doresca or
Ms. Joelle Coupaud at:

PromoCapital
Siège Social PromoBank
Banque de Promotion Commerciale et Industrielle
P.O. Box 2323 PAP
113, Rue Faubert
Pétionville, Haïti
Phone: (509) 299-8000, 229-1000
Fax: (1) (626) 608-3594
http://www.promointer.net
promocapital@promointer.net