Executive

MEF Accepts $500M Loan for Education from IDB

PORT-AU-PRINCE, Haiti - The Ministry of the Economy and Finances (MEF) accepted from the Inter-American Development Bank (IDB) and its Economic and Social Assistance Fund (FAES) a loan of $50 million per year for restructuring of the education sector in Haiti for the next decade.

Overseen by the MEF the FAES credited by the IBD will coordinate projects developed by the Ministry of Education MENFP .

The plans include the rehabilitation of thousands of schools and the construction of more than 80 new school buildings with seismic capacities that will include playgrounds, libraries and computer labs.

The Preval government, through the FAES, has already poured in 200 million gourdes to rebuild schools damaged after the earthquake of January 12 2011, an event that has exacted a heavy toll on education.

The program has 5 areas: the reconstruction of school buildings destroyed, the distribution of school kits to students, training of skilled human resources and strengthening of the Haitian education system courses within the next 5 years.

The Inter-American Development Bank IDB has this opportunity to support the education sector in Haiti by loaning $ 50 million each year for the program over a period of 10 years.

On Thursday the IDB allocated the amount for the year 2010. Under the program this is the first phase which will extend over 2 years.