Microfinance Gateway>US Airlifts Cash to Help Haitian MFI Fonkoze

affiliate language sites: Français عربي Español

Home

Library

Jobs

Training and Events

Organizations

Consultants

Home » News & Opinion » US Airlifts Cash to Help Haitian MFI Fonkoze

US Airlifts Cash to Help Haitian MFI Fonkoze
Lewis, K.

The US Government has put cash in the hands of Fonkoze, the largest MFI in Haiti, in a mission that required close cooperation of the US military, the UN, and multiple government agencies. In the wake of the devastating earthquake that hit Haiti on January 12, Fonkoze was the only bank able to stay open for customers making withdrawals and receiving money transfers. While goods were available for purchase in Port-au-Prince and other locations, many people had no money and commercial bank automatic teller machines were not functioning, according to news reports.

As Fonkoze grew short of cash, its chief executive, Anne Hastings, developed a plan to retrieve US$2 million in its reserves from City National Bank of New Jersey (CNB) and distribute the cash to the 34 Fonkoze branches still operational in Haiti. The plan required tight logistics and a military escort.

Read Full Article

Comments (0)

Posted: 28 Jan 2010
Source: U.S. State Department’s Bureau of International Information Programs
Originally Published: 28 Jan 2010