This Article is From Jan 14, 2010

World Bank plans $100 mn in crisis aid to Haiti

World Bank plans $100 mn in crisis aid to Haiti
Washington: The World Bank on Thursday announced an additional $100 million in emergency grant fund to Haiti for recovery and reconstruction efforts at the Caribbean nation rocked by a devastating earthquake on Tuesday.

"This is a shocking event and it is crucial that the international community supports the Haitian people at this critical time," said World Bank President Robert B Zoellick.

"The World Bank is mobilising 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," Zoellick said.

Besides new initiatives, the World Bank may use its existing projects in Haiti, including education and community-driven development for quick and effective relief.

The multilateral development lender is also sending experts to work with the government and its international partners to assess losses and plan for reconstruction.

The Global Facility for Disaster Reduction and Recovery (GFDRR) has allocated $250,000 for this assessment, the bank said in a statement.

The World Bank is also planning to provide seed resources to establish the Haiti Reconstruction Fund, a multi-donor trust, to mobilise international support for reconstruction process, it said.

The International Finance Corporation (IFC), the private sector arm of World Bank, will contact its clients in Haiti for reconstruction work, the statement said.

Earlier in the day, the International Monetary Fund said it is ready to assist Haiti.

"The IMF stands ready to do its part with appropriate support in our areas of expertise. I have already asked staff  to look into all the possibilities. We will coordinate with other international agencies, and mobilise our assistance as quickly as possible," Dominique Strauss-Kahn, the IMF Managing Director said.

"I am confident that the international community will mobilise quickly to offer support to help this nation," he said in a statement.