CAF Lends US$ 150 Million to Respond to the COVID-19 Emergency in Trinidad and Tobago
The multilateral institution signed two loans with Trinidad and Tobago, one for US$ 100 million and the second for US$ 50 million. The first one will help to mitigate the economic impact of COVID-19, and the second one will contribute to finance the operational health emergency response.
CAF -Development Bank of Latin America- signed two loans with Trinidad and Tobago to respond to the health emergency caused by COVID-19 and to mitigate the economic, financial and social effects of the pandemic in the country.
The first loan, of US$ 100 million, will provide financial support to the Government’s economic programs, implemented to contain the social, economic and financial emergencies generated by COVID-19, and aims to have a counter cyclical impact on the country’s economy.
The second loan, of US$ 50 million, will contribute to strengthen Trinidad and Tobago's health system capacity to respond to the crisis caused by COVID-19, through direct financial resources, and the recognition of expenses and investments aimed at reducing the risk or mitigating the impact of the pandemic on the health of the population.
These two loans were preceded by a US$ 400,000 donation that the multilateral organization made to the country on April 3 to help in the fight against the spread of the pandemic. CAF has also provided technical assistance by organizing capacity-building webinars for the country’s health personnel.
The loans were signed at the Ministry of Finance, Eric Williams Finance Building, by Mr.Colm Imbert, The Honourable Minister of Finance of Trinidad and Tobago, and Mr. Gianpiero Leoncini, CAF’s Representative in the country.
To cope with the effects of the pandemic in Latin America, in early March 2020, CAF offered a regional credit line of US$ 50 million per country, to address the health emergency, as well as a grant of US$ 400,000 per country, and a regional emergency credit line of US$ 2.5 billion to support countercyclical economic measures. The institution has since then rapidly delivered on its offer.
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