Funds to co-finance WB budget support operation for critical services delivery
At the request of the Interim Haiti Reconstruction Commission (IHRC) the HRF approved the transferring of $25 million to one of its partner entities, the World Bank, to co-finance an Emergency Development Policy Operation that provides $30 million for budget support. The total package of $55 million will help the Government of Haiti to deliver critical services at the beginning of the recovery period.
The IHRC had submitted this request on June 17th 2010, in the occasion of its Second Board meeting held in Port au Prince, and the HRF Steering Committee had approved the financing the same day. The last weeks were devoted to the development of the operation by the World Bank team in tandem with Government officials. The Board of the WB approved the operation on August 5th, and the money should be available to the Government by Mid-August.
This first operation confirms the ability of the Fund to respond promptly to the Commission requests. The HRF is well positioned to financing the scale-up of successful recovery efforts, and high priority initiatives. This should be a positive signal for donors that motivates them to honor their pledges. The Fund has only received 20% of pledges made by donors in international events held in Santo Domingo, New York and Punta Cana. See complete press release.