<p>The grant money would help the impoverished Caribbean nation recover from a massive 7.0-magnitude quake on Tuesday that caused extensive damage and casualties, the bank said in a statement.<br /><br />"This is a shocking event and it is crucial that the international community supports the Haitian people at this critical time," Robert Zoellick, president of the multilateral development lender, said in a statement.<br /><br />"The World Bank is mobilising significant financial assistance and sending a team to help assess damage and reconstruction needs. Our thoughts are with the people of Haiti, our staff, and our UN colleagues."<br /><br />The funding is subject to approval by the institution's board of directors, said the 186-nation bank, headquartered in Washington. The statement did not provide a date for the board decision.<br /><br />The World Bank noted that its International Development Association had extended USD 308 million in interest-free loans to Haiti since 2005. The bank currently has 14 main projects there, including disaster risk management.<br /><br />Zoellick said the bank would use its existing projects in Haiti, including those that focus on education and community-driven development, "to provide assistance quickly and effectively."</p>
<p>The grant money would help the impoverished Caribbean nation recover from a massive 7.0-magnitude quake on Tuesday that caused extensive damage and casualties, the bank said in a statement.<br /><br />"This is a shocking event and it is crucial that the international community supports the Haitian people at this critical time," Robert Zoellick, president of the multilateral development lender, said in a statement.<br /><br />"The World Bank is mobilising significant financial assistance and sending a team to help assess damage and reconstruction needs. Our thoughts are with the people of Haiti, our staff, and our UN colleagues."<br /><br />The funding is subject to approval by the institution's board of directors, said the 186-nation bank, headquartered in Washington. The statement did not provide a date for the board decision.<br /><br />The World Bank noted that its International Development Association had extended USD 308 million in interest-free loans to Haiti since 2005. The bank currently has 14 main projects there, including disaster risk management.<br /><br />Zoellick said the bank would use its existing projects in Haiti, including those that focus on education and community-driven development, "to provide assistance quickly and effectively."</p>
