Sir Allen Stanford

Archived May 31, 2006

Santo Domingo, Dominican Republic (May 31, 2006) - Stanford Financial Group presented a check for $60,000 to the Pan American Development Foundation (PADF) today to begin development of a bi-national market along the Dominican-Haitian border. This funding provides for the construction of a safe, clean, and better organized marketplace between the border towns of Elias Piña in the Dominican Republic and Belladère in Haiti. The two governments are contributing in-kind resources totaling almost $40,000, including land donation and engineering support for the construction of the market, bringing the investment in the initiative to almost $100,000.

This is the largest single gift to date from Stanford Financial Group to PADF. Last year, the company funded the development of a pedestrian bridge connecting Haiti and the Dominican Republic, allowing community members to cross the border and avoid passing through a river bed that often floods during rainy periods. Groundbreaking for the new bi-national market is planned for later this summer. The market will greatly improve the lives of at least 5,000 Haitians and Dominicans living along the border who use the Elias Piña-Belladère market. Currently, vendors must cross the border and sell their wares along the sides of the street and in gutters in Elias Piña. This investment will help formalize interaction between border officials while reducing potential for petty crime. Specifically, today’s donation covers the cost of building a perimeter security wall, installing a deep well for potable water, and building the first market shelters.

With its headquarters in Houston, Texas, Stanford Financial Group is a global network of financial companies rooted firmly on an enduring commitment to strengthen every community it serves. Over the last several years, Stanford Financial Group has supported several of PADF’s economic and social development activities in various countries including the reconstruction of the José Martí school in Santa Tecla, El Salvador; the construction of the bi-national pedestrian bridge connecting the Dominican town of Pedernales and the Haitian town of Anse à Pitres and the donation and installation of a power generator in St. George’s General Hospital in Grenada following last year’s hurricane season.

According to R. Allen Stanford, Chairman and CEO of Stanford, partnering with PADF allows the company to carry out its mission to strengthen communities. “We have made it a priority at Stanford to give back and support those initiatives that help build and strengthen communities. The projects carried out by PADF are beautiful examples of how communities - and those who live and work there - can be made better through forward thinking projects supported by public-private partnerships,” he said.

About PADF
The Pan American Development Foundation (PADF) is an international nonprofit organization established in 1962 through a unique partnership between the Organization of American States and private enterprise to promote, facilitate, and implement social and economic development in Latin America and the Caribbean through innovative partnerships and integrated involvement of the private and public sectors. PADF currently has offices in Bolivia, Colombia, the Dominican Republic, El Salvador, and Haiti, and has operated in every country throughout Latin America and the Caribbean.

In the Dominican Republic, PADF is working with over 80 local organizations to build bridges in the border region and encourage private sector participation in development. Funding for the programs comes from the U.S. Agency for International Development (USAID) with additional support form other public and corporate donors.