By Azad Ali

Published: Monday, August 30, 2010 7:05 PM EDT

The World Bank said it will provide $55 million to Haiti to help it address some of its most urgent financing needs as the impoverished country tries to recover form the devastated Jan. 12 earthquake that killed more than 230,000 people and caused widespread destruction mainly in the capital, Port-au-Prince.

The disbursement will take place once the government of Haiti finalizes the legal documents for the grants, which were signed in the Haitian capital recently.

The $55 million provided to Haiti include a $30 million grant from the World Bank’s International Development Association (IDA), with an additional co-financing of $25 million from the Haiti Reconstruction Fund (HRF), which is managed by the bank and to which Brazil, Norway, Australia, Colombia and Estonia have contributed.

“The bank is taking quick and decisive steps to ensure that resources are delivered to Haiti, where the needs are still great,” said World Bank Vice President for Latin America and the Caribbean, Pamela Cox.

“Making funds available so government can pay for key short term reconstruction expenditure is important, but to step up reconstruction, donors need to deliver as soon as possible on the pledges they made in New York earlier this year,” she said.

The funds will help Haiti meet urgent financing needs for reconstruction, which have been exacerbated by revenue shortfalls following the earthquake.

Damages and losses caused by the earthquake are estimated about $8 billion by the Post Disaster Needs Assessment carried out in February.