US$102m approved for Haiti Reconstruction projects
THE Steering Committee of the Haiti Reconstruction Fund (HRF) met simultaneously in Santo Domingo and Port-au-Prince to evaluate and approve funding for four key reconstruction projects totalling US$102 million, the World Bank has announced.
Funds were set aside for:
* Neighbourhood Housing Reconstruction (US$65 million) implemented through the World Bank.
* Building Demolition and Debris Removal (US$25 million) to be implemented through the United Nations.
* Education Project (US$10 million) executed by the Inter-American Development Bank (IDB).
* Strengthening of Disaster and Risk Management Capacity (US$2 million) through the United Nations.
The World Bank said in a press release that this financing was requested by the Interim Haiti Recovery Commission (IHRC) 12 hours earlier at the IHRC’s Board meeting chaired by former US President Bill Clinton.
At the same meeting, the IHRC executive director Gabriel Verret proposed that donors should place half of their remaining pledges or up to $750 million with the HRF.
“Channelling additional funds through the HRF is the best possible way to assist the Haitian reconstruction process,” Verret said.
The HRF is a partnership between the international community and the Government of Haiti to help finance post-earthquake reconstruction. It is the largest source of unprogrammed funding for that purpose. The HRF mobilises, co-ordinates and allocates contributions from bilateral and other donors to finance high-priority projects, programs and budget support.
Since its inception, it has mobilized US$265 million. To date, the HRF has allocated and set aside over US$193 million to support 11 initiatives. This represents 73 per cent of the contributions that have been received by the Fund.
Strategic finance has been provided to support the operation of the government, build housing and restore neighbourhoods, manage debris, enhance education, assist small- and medium-sized enterprises, mitigate disaster risks, and promote development in the southern part of the country.
Proponents partner with the Inter-American Development Bank, the United Nations or the World Bank to ensure that international standards for quality, good governance and financial management are met. All proposals for HRF financing must be endorsed by the Interim Haiti Recovery Commission as consistent with the Action Plan for the Recovery and Development of Haiti.
