CAF Board Approves USD 2.5 Billion for COVID-19 Relief Efforts
The institution is offering the possibility of reallocating approved disbursements for other initiatives. The funding will support member countries in their efforts to protect their people and for economic upturn..
The Board of Directors of CAF—development bank of Latin America—approved a Regional Contingency Credit Line for COVID-19 Countercyclical Emergency Support for up to USD 2.5 billion for its member countries.
The Board of Directors also approved the possibility of reallocating the funds from existing loans that have not yet been disbursed to mitigate the effects of COVID-19, provided that no changes are made to the terms and the amounts are not increased.
“We continue to work on initiatives that allow us to maintain and increase support to member countries to safeguard their people and initiatives led by governments to protect jobs, business sustainability and the revival of their economies,” said Luis Carranza Ugarte, executive president of CAF.
Since COVID-19 was declared a Public Health Emergency of International Concern (PHEIC) by the World Health Organization (WHO), and the Pan-American Health Organization highlighted the high risk it poses to the region, CAF has offered a number of tools such as a contingency line of credit for up to USD 50 million per country for direct support of public health care systems and the most critical sectors, in addition to a donation of essential supplies and support to health care systems for USD 400,000 to Argentina, Ecuador, Panamá, Paraguay, Peru , Trinidad and TobagoUruguay
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