The Caribbean Development Bank (CDB) will offer some 140 million dollars in aid to the nations of the region to address the consequences for the economy imposed by the Covid-19 pandemic.
According to the CARICOM Today website, the BDC this week approved the aforementioned financial aid to be used by the institution’s borrowing member countries.
Warren Smith, president of the BDC, called the economic and social shock caused by the disease of the new coronavirus, SARS-CoV-2, as severe.
In Smith’s judgment quoted by CARICOM Today, the situation could be exacerbated for Caribbean nations in the near future given the region’s vulnerability to natural disasters and with the hurricane season less than two months away.
The president of the BDC referred that the decrease in the gross domestic product will depend on the duration of the pandemic and on the effectiveness of the political response of the Caribbean countries.
The regional financial institution guarantees borrowing member countries appropriate assistance during the Covid-19 pandemic, in addition to playing an active role in post-crisis recovery.
During this health problem, the CDB increased the limit on its loans based on policies intending to support economic growth and poverty reduction.
‘Our funding and technical assistance, during this period, will primarily target the most vulnerable within our societies and will give the highest priority to strengthening social safety nets,’ said Smith. (https://www.plenglish.com/index.php?o=rn&id=54242&SEO=caribbean-development-bank-offers-aid-to-fight-covid19)
