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IDB awards $40.5 million to expand Haiti facility
IDB awards $40.5 million to expand industrial park in northern Haiti
Associated Press
2014-01-03 03:01 AM

PORT-AU-PRINCE, Haiti (AP) -- The Inter-American Development Bank plans to award $40.5 million to help an industrial park in northern Haiti with its expansion.

The grant for the Caracol Industrial Park is to finance the construction of canteens, administrative buildings, roads, bicycle lanes and other facilities.

The industrial park is anchored by a South Korean textile firm and is the U.S. government's biggest investment in Haiti since a 2010 earthquake destroyed thousands of homes and displaced 1.5 million people. The U.S. has invested more than $124 million in the project.

Backers say the facility will create 20,000 to 65,000 much-needed jobs upon completion. A recent U.S. report said that only 1,450 Haitians have been hired so far.

The IDB announced approval of the grant on Thursday.

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