World Bank cancels Haitian debt

The World Bank has taken more of Haiti's debt off of the books as repayments were made by other countries. 13 different countries contributed to pay 36 million dollars of Haitian debt to the bank. Haiti is no longer indebted to the World Bank with this cancellation.

From Reuters, we receive more details on the cancellation and a quote from Bank president Robert Zoellick.

Canceling the debt will free up funds -- which would have been spent on servicing the IDA debt -- for rebuilding after Haiti's devastating Jan. 12 earthquake.

The Bank said funding to write off the debt was received from Belgium, Canada, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Spain, Sweden and Switzerland.

"Relieving Haiti's remaining debt is part of our effort to pursue every avenue to help Haiti's reconstruction efforts," World Bank President Robert Zoellick said.