During its first six months of operation, the Haiti Reconstruction Fund (HRF) has allocated nearly $200 million for rebuilding earthquake-ravaged parts of Haiti. In the half-year since it began to operate on June 17, 2010, the HRF has received $267 million in contributions from 11 donors (including the U.S., Brazil, Norway and Canada) and has allocated $193 million for reconstruction activities. These results were announced in a ceremony today in Port-au-Prince.
The Haiti Reconstruction Fund is a partnership between the international community and the Government of Haiti to help finance post-earthquake reconstruction. The HRF mobilizes, coordinates and allocates contributions from bilateral and other donors to finance high-priority projects, programs and budget support. In a joint statement, the HRF donors highlighted that, “Strategic finance has been provided to support the operation of the Government, provide housing and restore neighborhoods, manage debris, enhance education, assist small and medium-enterprises, mitigate disaster risks, and promote development in the southern part of the country.” Haitian Prime Minister Jean-Max Bellerive, whose government requested that the HRF be established, noted that “… the recovery process needs to be shaped by the highest degree of coordination, transparency and collaboration between the Haitian people, their government and the international community.” HRF activities are supervised by the Inter-American Development Bank, the United Nations and the World Bank to ensure that international standards of good practice for reconstruction are applied. Early results from the HRF’s first six months indicate that it has become:
- The largest source of unprogrammed funding for the reconstruction of Haiti
- A partnership led by the Government and the Recovery Commission (IHRC)
- An effective mechanism for raising money and allocating financing
- A means to strategically close financing gaps to achieve a balanced recovery
Haitian Finance Minister Ronald Baudin, who is also Chairperson of the HRF Steering Committee, observed that “The Fund has enabled the pooling of resources resulting in a reduction of our transaction costs. However, the most important thing is that the Government now has access to the largest unallocated source of funds for reconstruction.” The HRF is on track to mobilize up to $500 million and the IHRC has proposed that donors contribute an additional $750 million to it.
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