CAF grants Panama funds for emergency aid for recovery from torrential rains
- The Latin American financial institution expresses its solidarity with the country and approves US$50,000 grant.
- A UIS$100 million loan was also made available to the Panamanian government, as part of the Fund recently set up by the institution to respond to natural emergencies.
"I wish to convey to you and - through you - to the people of Panama our sincerest solidarity following the torrential rains which have devastated your country causing considerable human losses and thousands of victims," García told President Martinelli in the letter.
New fund to assist countries in natural disaster situations
Due to the disturbing increase in the number of disasters associated with natural phenomena in the region, CAF recently created a US$300 million regional facility, with the objective of immediately responding to emergencies. The US$100 million loan which the institution has made available to Panama on this occasion has been made from this fund.
"Latin America and the Caribbean have been affected in recent times by natural disasters which have had a serious social, environmental and economic impact on the region," García said.
CAF provides integrated support for its countries shareholders for "response and prevention of emergencies through financing facilities and non-reimbursable grants, such as the recent approvals in favor of Bolivia, Brazil, Chile, Colombia, Costa Rica, Haiti and Venezuela. The idea of the new facility is to expedite approval of operations for immediate response," the CAF chief added.
The benefits of this facility include rapid financing, flexibility and adaptation of operations to the technical characteristics defined for each specific operation, whether flood, fire, earthquake, landslide, etc.
With the fund, CAF is now able to make a primary response to help victims and temporarily restore critical services in line with the criteria established by each government.
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