The IDB Grant Facility (“GRF”) was established in 2007 as source of grant resources for Haiti, financed by income of the Fund for Special Operations (FSO). Under the terms of the initial regulations adopted by the Board of Executive Directors, Haiti became eligible to receive $50 million in GRF resources annually from 2007 through 2009 for Bank operations.
In 2010, the Board of Governors approved the transfer of $128 million from the FSO to the GRF. In July 2010, as part of a package of measures to assist Haiti in the context of the Ninth General Increase in the Resources of the Bank, the Board of Governors additionally (i) approved the transfer of a further $236 million from the FSO to the GRF; (ii) approved the transfer of the undisbursed balances of Haiti’s loans from the FSO to the GRF and the conversion of such loans to non-reimbursable grants; (iii) approved the transfer of $72 million of Ordinary Capital income to the GRF; and (iv) agreed to, in principle and subject to the annual approval of the Board of Governors, additional transfers of $200 million of Ordinary Capital income to the GRF each year, beginning in 2011 and through 2020.
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