Sunday 5 July, 2020

CAF loan of US$50M to aid T&T in COVID-19 fight

CAF, Development Bank of Latin America, has approved a US$50 million loan to mitigate the effects of the COVID-19 health crisis in Trinidad and Tobago.

The loan is in addition to a US$400,000 donation that the financial institution made on April 3.

It’s expected to be complemented by further anti-cyclic support to mitigate the effects of the epidemic on economic activity.

The new loan aims to strengthen Trinidad and Tobago's capacity to respond to and prevent the crisis caused by COVID-19, through direct financial resources and the recognition of expenses and investments aimed at reducing risk or mitigating the impact of the pandemic in the health of the population.

Luis Carranza, CEO of CAF said: "These emergency funds will back the Government of Trinidad and Tobago in its efforts to fight COVID-19 from different fronts, from improving health services to preserving the country´s economic resilience."

To cope with the effects of the pandemic in Latin America, early in March 2020 CAF offered its member countries an emergency regional credit line of US$50 million per country for health emergency investments, and in April 2020 approved a regional anti-cyclic facility of US$2.500 million.

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