The UK also works with the Inter-American Development Bank (IADB) based in Washington DC, which supports economic and social development in Latin America and the Caribbean. It is the main source of multilateral funding in the region. In addition to lending money and providing grants, the IADB offers expert advice in key areas including education, agriculture and poverty reduction. The bank also works on regional issues like trade, roads and energy which can involve several countries in the same project.
On 12 January 2010, an earthquake of 7.0 magnitude struck Haiti about 10 miles south-west of the capital Port-au-Prince. It is now believed over 200,000 people were killed. It is estimated that the cost of rebuilding Haiti’s homes, schools, roads and other infrastructure could soar to nearly $14 billion. When viewed in relation to the size of the country’s population and economy, this is likely to make the earthquake the most destructive natural disaster of modern times.
After the earthquake, the IADB redirected $50 million from existing operations to emergency relief and provided an additional $3 million to help the country recover from this disaster. The bank has remained operational in Haiti even though the office was badly damaged. Staff on the ground are working closely with the Haitian authorities and other organisations to distribute emergency aid, reconstruct houses and roads, to get local businesses back on their feet.
In June 2009, the IADB provided $511 million in debt relief to Haiti. Since the earthquake the IADB has alleviated all of Haiti’s outstanding debt, a total relief package of $479 million. The bank will also provide some $2 billion in grants over the next decade to support the country’s efforts to recover from the earthquake.
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The Haiti earthquake. Picture: Inter-American Development Bank
