Haiti Reconstruction Fund
The devastating earthquake that struck Haiti on January 12, 2010, has generated an enormous outpouring of international support. Governments, private entities, non-governmental organizations (NGOs), creditors, and multilateral agencies around the world have mobilized substantial volumes of resources to support the relief and recovery. Some of these contributors have the capacity and desire to manage their own resources on the ground with the Government of Haiti (GoH). Others prefer to combine their support in a multi-donor effort to help finance the overall reconstruction process.
In response to a March 2010 request from the GoH, the Inter-American Development Bank (IDB), the United Nations (UN) and the World Bank, along with contributing donors, established a multi-donor fund called the Haiti Reconstruction Fund (HRF or “the Fund”). The role of the HRF is to support the GoH’s post-earthquake Action Plan for the Recovery and Development of Haiti and related initiatives. At the GoH’s request, the International Development Association (IDA) of the World Bank Group will serve as Trustee for the Fund.
The advantages of this multi-donor approach are that it:
- Increases harmonization by pooling resources from many donors in support of the Government’s Recovery Plan;
- Draws on the comparative advantages of proven international (IDB, UN, and World Bank) and locally-active partners that are eligible to implement according to a Partner Entity’s rules and procedures;
- Reduces transaction costs for the Government and donors by working through one funding facility;
- Avoids overlapping initiatives and duplication of efforts; and
- Helps to meet strategic financing needs in the reconstruction process as identified by the Government of Haiti.
Contributions to the Fund are expected from individual sovereign governments, the Caribbean Development Bank and the European Commission. Private sector partners, foundations, international organizations, local governments, and non-governmental organizations may also contribute resources to the Fund, subject to the terms and conditions agreed by the Trustee and the Steering Committee.