The legislation encourages eliminating Haiti’s remaining debt to international financial institutions, currently totaling $1 billion, and instructs these institutions to offer grants rather than loan assistance to Haiti in order to end the debt-relief cycle.
“Haiti’s long-term recovery from January’s devastating earthquake can only be accomplished with significant support from the United States and other members of the international community,” said Dodd. “One of the most important things the United States and its partners can do to speed Haiti’s recovery is cancel the country’s remaining debt to international financial institutions, currently totaling more than $1 billion. By signing this bill into law, President Obama reaffirms our nation’s commitment to helping Haiti recover from this tremendous catastrophe.”
“The Senate will continue to assess measures that will help Haiti and develop greater stability and hopefully new opportunities. Dealing with Haiti’s crippling debt burden is an important step.
I applaud Sen. Dodd’s leadership on relief for Haiti and the President signing the bill,” U.S. Senate Foreign Relations Committee Ranking Member Dick Lugar said.
Additionally, the Haiti Debt Relief and Earthquake Recovery Act of 2010
calls on the Administration to support the creation of an international trust fund for Haiti, to support investment in infrastructure including the development of electric grids, roads, water and sanitation facilities, and reforestation initiatives.
Dodd is a senior member of Senate Foreign Relations Committee and the Chairman of the Subcommittee on Western Hemisphere, Peace Corps, and Global Narcotics Affairs.