IADB forgives Haiti's past debts

Last night the Inter-American Development Bank announced that they world forgive Haiti all of it's past debts. The IADB held $479 million of the earthquake ravaged country's debt.

From this Associated Press article that we found at Forbes, we read more about the announcement.

Bank President Luis Alberto Moreno said the bank's board of governors voted to forgive the debt and will offer $2 billion in financing to the Caribbean nation over the next 10 years.

"This commitment is good news for all Haitians, and will help heal the wounds caused by the earthquake," Moreno said at the inauguration of the bank's annual meeting in the Caribbean coast resort of Cancun.

The IADB debt was the biggest single chunk of the $1.2 billion Haiti owed as of late January, according to figures of the International Monetary Fund.