CAF Allots USD 350m to Mitigate COVID-19 Economic Impact in Brazil
The funds will be used to reduce the impact of the economic crisis caused by the COVID-19 pandemic affecting the country’s most vulnerable economic and social sectors.
CAF—development Bank of Latin America—has approved a USD 350 million loan for Brazil’s economy ministry, aimed at helping support the country’s efforts in containing the social, economic and financial emergency caused by COVID-19.
The funds will complement a series of fiscal initiatives already rolled out in the country, as well as strengthen countercyclical economic measures to reduce the effects of the Coronavirus pandemic on the country’s most vulnerable economic and social sectors.
“With this loan, CAF reinforces its commitment to Brazil by promoting the availability of public funds to address the economic and social impacts caused by the pandemic, through emergency aid to the country’s most vulnerable groups,” CAF executive president Luis Carranza Ugarte said.
To counteract the effects of the pandemic on Latin America, CAF offered its Latin American member countries a USD 2.5 billion regional emergency credit line to support countercyclical economic measures and grants amounting to USD 400,000 per country.
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