US $ 350 million to mitigate the economic impact of COVID-19 in Brazil

CAF - Latin American development bank - today approved a US $ 350 million loan to the Ministry of Economy of Brazil to support the country in containing the social, economic and financial emergency generated by COVID-19.

The financing will complement the fiscal initiatives already underway in the country and reinforce countercyclical economic measures aimed at reducing the effects of the Coronavirus pandemic on the country's most vulnerable economic and social sectors at this time.

"With this loan, CAF reinforces its commitment to Brazil by promoting the availability of public resources to meet the economic and social impacts generated by the pandemic, through the payment of emergency aid to the country's most vulnerable citizens," said Luis Carranza Ugarte , executive chairman of CAF.

To address the effects of the pandemic in Latin America, CAF offered its member countries in Latin America an emergency $ 2.5 billion regional credit line to support countercyclical economic measures and $ 400,000 donations per country.