The World Bank said Wednesday it will provide an additional US$100 million in emergency grant funding to support recovery and reconstruction in Haiti in response to a magnitude-7.0 earthquake that caused extensive damage and casualties in the Caribbean nation on Tuesday.

"This is a shocking event and it is crucial that the international community supports the Haitian people at this critical time," a World Bank press release quoted bank group President Robert B. Zoellick as saying.

"The World Bank is mobilizing significant financial assistance and sending a team to help assess damage and reconstruction needs. Our thoughts are with the people of Haiti, our staff, and our UN colleagues," the release said.

The new US$100 million emergency funding is subject to approval by the World Bank's Board of Directors, the release added.

In addition to new initiatives, the release said, the World Bank expects to utilize the capacity of existing projects, including those that focus on education and community-driven development, to provide assistance quickly and effectively.

The bank group is sending experts to work with the Haitian government and its international partners to assess needs and losses and plan for recovery and reconstruction. The Global Facility for Disaster Reduction and Recovery (GFDRR) has allocated US$250,000 for such assessment.

The World Bank said its private sector arm, the International Finance Corporation (IFC), stands ready to work with the private sector on reconstruction and is contacting its clients in Haiti to identify ways it can work with them to play a role in the reconstruction effort.

The bank group said it also plans to provide seed resources to establish a multi-donor trust fund, the Haiti Reconstruction Fund, to mobilize international support for recovery and reconstruction process.