Haiti to receive US$ 120 million in IDB grants

The Inter-American Development Bank (IDB) has approved US$ 120 million in grants for 2010 to help Haiti make investments in key sectors, including infrastructure, basic services and disaster prevention.

The US$ 120 million grant allocation for 2010 is expected to provide more funds for investments in transportation infrastructure, a second phase of the rehabilitation of the Péligre hydroelectric plant and the extension of water services in Port-au-Prince, among other priority projects.

According to IDB president Luis Alberto Moreno, these projects will support Haiti's efforts to "boost public revenues and increase the efficiency and transparency in government spending", as well as improving roads, repairing schools, expanding water distribution in mid-size cities, reducing the risk of floods in priority watersheds and strengthening a child nutrition program.

The new grant comes on top of the US$ 100 million already allocated to Haiti for 2009, which was a direct response to the damage inflicted by last year's hurricanes and the spikes in oil and food prices.

The IDB is currently financing 22 projects in Haiti, with a total budget of US$ 675 million. The portfolio of loans and grants is largely focused on infrastructure, agriculture, water and sanitation, electricity, education, vocational training, and state modernization.