SearchUpdate Haiti: $2 million in cash reaches Fonkoze in Haiti
29-01-2010
Remarkable operation gives earthquake survivors much needed access to cash
Much needed cash totalling US$ 2 million has been successfully delivered to 34 branches of Fonkoze after a series of earthquakes struck Haiti earlier this month With branches located throughout Haiti, survivors around the country now have access to cash: either their savings or money sent to them by their families.
Cash was scarce after the devastating earthquakes ruined bank buildings and infrastructure. Accessing the cash is essential for people to get their businesses back on track and begin rebuilding the country and its economy.
Carefully executed mission
Transferring the $2 million in banknotes safely into the hands of the 34 functioning branches of Fonkoze was an impressive achievement. The carefully executed operation was successfully carried out due to the tremendous cooperation between many organizations including the United Nations, the United States Agency for International Development (USAID), several US government departments and the Inter American Development Bank.
Deep reach into the country
Fonkoze has the deepest reach to Haiti's rural poor and has an extensive microfinance network that would take years to recreate. Unlike commercial banks, Fonkoze has now re-opened most of its branches (34 of 41).
Oikocredit has been a shareholder of Fonkoze since 2003. As an investor, we have a long-term investment horizon and focus on helping our partners, like Fonkoze, grow and develop. Oikocredit shares Fonkoze's mission and values and focuses on social as well as financial returns.
For more information visit www.fonkoze.org
These press releases and other disclosures of news and events are correct to the best of our knowledge and belief, based on the information available at the time of publication. These may contain certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. All press releases are current only as of the date specified. Oikocredit International disclaims any obligation to update or correct press releases as the result of financial, business or any other developments occurring after the specified date.
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