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article imageWorld Bank will provide $100 million grant funding to Haiti

By Bob Ewing     Jan 14, 2010 in World
The World Bank is set to provide an additional $100 million in emergency grant funding to support recovery and reconstruction in Haiti.
In the World Bank media release, World Bank Group President Robert B. Zoellick said, "This is a shocking event and it is crucial that the international community supports the Haitian people at this critical time. The World Bank is mobilizing significant financial assistance and sending a team to help assess damage and reconstruction needs. Our thoughts are with the people of Haiti, our staff, and our UN colleagues."
In addition, the World Bank will incorporate existing projects in Haiti which include project on education and community-driven development in order to provide prompt and effective assistance.
World Bank experts will travel to Haiti to work along side the Government and its international partners. The cooperative effort will assess needs and losses and plan for recovery and reconstruction. Around $250,000 has been allocated for this assessment by the Global Facility for Disaster Reduction and Recovery (GFDRR).
The World Bank Group's private sector arm, the International Finance Corporation (IFC), is prepared to work with the private sector on reconstruction . The IFC is contacting its clients in Haiti to identify ways it can work with them and have a role in the reconstruction effort.
The World Bank plans to establish a multi-donor trust fund, the Haiti Reconstruction Fund, to mobilize international support for recovery and reconstruction process.
The World Bank's Board of Directors must approve the new $100 million grant.
More about Haiti, Emergency funding, World bank
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