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Feb 5, 2010
MIF grants $3 million to help local partners and shortens project approval procedures in Haiti
IDB Fund focuses on projects that provide employment outside of Port-au-Prince and starts planning future projects focusing in microfinance, remittances, housing, training for job insertion, and small business productive activities
MIF, the Multilateral Investment Fund of the Inter-American Development Bank, has set up a $3 million line of financing to help its executing agency partners –the government agencies or private firms carrying out MIF projects—reopen for business as soon as possible and has established a shortened set of approval procedures for its projects in Haiti during the next 12 months.
Both actions were taken by MIF at a donors committee meeting on Jan. 22. “Responding to the devastating earthquake in Haiti is a top priority for us,” said MIF General manager Julie T. Katzman.
Although 75 percent of MIF's projects in Haiti are being implemented outside of Port-au-Prince and were largely unharmed by the Jan. 12 earthquake, most of the entities in charge of the projects are headquartered in the city. They have all suffered substantial losses and needed additional support to restart operations and keep the projects running to benefit their 340,000 participants.
The Haiti-MIF coordination team immediately started an initial damage assessment of its executing agency partners in Haiti, both past and present, to determine what they lost, what they need, and where MIF can help. “The focus is on getting executing agencies back to business as soon as possible wherever it makes sense,” added Katzman.
MIF’s immediate action included a major focus on restoring financial services for the poor. MIF played a major role in catalysing the U.S. government's assistance in airlifting $2 million into Haiti for local microfinance institution Fonkoze so they could restart the flow of remittances throughout the country.
To help restore the microfinance and remittances sectors as a whole, MIF’s Access to Finance team, together with other donors, is developing a support facility, called the Haitian Emergency Liquidity Program (HELP). HELP will provide grants and capital to qualified Haitian microfinance institutions.
MIF’s actions are being taken in coordination with those of the IDB Group as a whole, under a new Bank-wide IDB task force created to help plan and coordinate the reconstruction in Haiti along with the Haitian government, other multilateral organizations, and donors.
The IDB is Haiti’s biggest source of financing and debt relief. The Bank’s portfolio in the country consists of programs for a total of over $ 700 million, of which $122 million worth of grants were approved in 2009.
In 2009, the Bank granted the country $511 million in debt relief, and is considering a mechanism to further alleviate Haiti’s remaining debt with the institution. Since 2007, all IDB financing for Haiti has been provided with grants, not loans.
Both actions were taken by MIF at a donors committee meeting on Jan. 22. “Responding to the devastating earthquake in Haiti is a top priority for us,” said MIF General manager Julie T. Katzman.
Although 75 percent of MIF's projects in Haiti are being implemented outside of Port-au-Prince and were largely unharmed by the Jan. 12 earthquake, most of the entities in charge of the projects are headquartered in the city. They have all suffered substantial losses and needed additional support to restart operations and keep the projects running to benefit their 340,000 participants.
The Haiti-MIF coordination team immediately started an initial damage assessment of its executing agency partners in Haiti, both past and present, to determine what they lost, what they need, and where MIF can help. “The focus is on getting executing agencies back to business as soon as possible wherever it makes sense,” added Katzman.
MIF’s immediate action included a major focus on restoring financial services for the poor. MIF played a major role in catalysing the U.S. government's assistance in airlifting $2 million into Haiti for local microfinance institution Fonkoze so they could restart the flow of remittances throughout the country.
To help restore the microfinance and remittances sectors as a whole, MIF’s Access to Finance team, together with other donors, is developing a support facility, called the Haitian Emergency Liquidity Program (HELP). HELP will provide grants and capital to qualified Haitian microfinance institutions.
MIF’s actions are being taken in coordination with those of the IDB Group as a whole, under a new Bank-wide IDB task force created to help plan and coordinate the reconstruction in Haiti along with the Haitian government, other multilateral organizations, and donors.
The IDB is Haiti’s biggest source of financing and debt relief. The Bank’s portfolio in the country consists of programs for a total of over $ 700 million, of which $122 million worth of grants were approved in 2009.
In 2009, the Bank granted the country $511 million in debt relief, and is considering a mechanism to further alleviate Haiti’s remaining debt with the institution. Since 2007, all IDB financing for Haiti has been provided with grants, not loans.
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