Triple Jump news - Monday, March 15, 2010

Update from Haiti

Following the devastating earthquake that struck Haiti on the 12th of January, and the series of aftershocks that have followed,
Triple Jump's client ACME has been keeping us up to date on developments.

ACME is a microfinance institution operating in and around the city of Port-au-Prince. ACME's Director Sinior Raymond writes that 4 staff are confirmed dead. The head office and one branch have completely collapsed, and four additional branches are damaged beyond repair; alternatives are presently being sought for these premises. Another six branches have suffered limited damages, but staff are understandably reticent to enter these buildings due to the aftershocks that continue to shake the city. Supporting beams will be put in place to strengthen the buildings and reassure staff. The MFI has been distributing food packages to employees, and salaries have been paid without tax deductions to ensure that everyone on the payroll has enough funds to cater to their immediate needs.

Encouragingly, many clients have been coming by the branches with enquiries, and some staff have already started visiting clients to evaluate their situation. Many clients have even reopened for business. ACME is presently preparing a plan to restart activities, as clients will soon want to re-capitalize their businesses.

ACME has been a client of the Oxfam Novib Fund since 2007 and has over 24,000 clients. One of ACME’s shareholders, the Belgian fund manager Incofin, has started a fundraising drive to help ACME. Triple Jump has made a donation of €2,500 to this fund.
More information can be found by clicking here.

Another microfinance institution based in Port-au-Prince is Fonkoze. Its director Anne Hastings writes that destruction is massive and that the headquarters have been demolished. In spite of significant losses in staff and buildings, Fonkoze has already reopened a large number of branches, which now have sufficient cash and have been able to resume money transfers. This is particularly helpful as clients are now able to receive cash from friends and family members living abroad.

Like ACME, Fonkoze will need enormous amounts of funding to help its clients restart their businesses when the situation stabilizes. Triple Jump has donated USD 3,000 to Fonkoze’s Earthquake Relief and Rehabilitation Fund. More information and updates about Fonkoze can be found by clicking here.

Here in the Netherlands, the cooperating development agencies are have organized a fund-raising drive that has already raised more than 83 million euro. More information can be found by clicking here.

Mark van Doesburgh