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World Bank Approves $73 Million in Loans For Haiti

The World Bank has approved $73 million in loans to help Haiti's economic and disaster recovery efforts.

Bank President James Wolfensohn said in a statement Thursday the main goal is to help Haiti's government deliver urgently needed basic services to its people and strengthen the transparency and credibility of public institutions.

Mr. Wolfensohn also said the bank plans to disburse $46 million of the assistance in the coming days. Haiti is the Western Hemisphere's poorest country.

Last February, an armed rebellion in the impoverished nation led to the ouster of then-President Jean-Bertrand Aristide. He now lives in exile in South Africa.

In September, Haiti was devastated by Tropical Storm Jeanne, which caused widespread flooding. Some 2,000 people were killed and thousands more left homeless.