The Caribbean Development Bank (CDB) and the European Investment Bank (EIB) have partnered to provide €30 million (US$36 million) in financing for Caribbean countries to purchase COVID-19 vaccines and make new healthcare investments.
The concessional funding will help ensure the affordability of the vaccine purchases and public healthcare expenditure at this critical time for the region. The funding will also facilitate other health-related emergency expenditure to limit the spread of the virus, help protect vulnerable groups, and accelerate the region’s return to normal economic activities.
The financing is expected to strengthen the public health systems that are dealing with the pandemic including, improving capacity for testing, tracing and treatment, logistics, storage, transport and monitoring activities, as well as the purchase of vaccines and the execution of vaccination campaigns. The concessional financing falls under the broader CDB-EIB cooperation to improve resilience in the region.
President of CDB, Dr Hyginus ‘Gene’ Leon and Vice President of the EIB, Ricardo Mourinho Félix, announced the agreement recently at a virtual signing ceremony.
“The Region has been severely impacted by the COVID-19 pandemic. Job losses have reached unprecedented levels; foreign exchange and remittance flows have been disrupted, and traditional revenue sources have dried up whilst Government’s COVID-related expenditures have risen sharply”, the CDB President noted.
“CDB welcomes the partnership with the EIB. Through this support, we will be able to deliver vaccines and health services to our populations, thereby preparing the groundwork for the safe conduct of industrial, commercial and social activities,” he added.
EIB Vice President Ricardo Mourinho Felix said, meanwhile, that “by spreading the cost of vaccinating the population over time, and by providing new funding for health-sector interventions, the CDB-EIB partnership will help Caribbean countries protect vulnerable groups against the impact of COVID-19.”
This latest allocation reportedly complements an earlier €500 million allocated by the EU for funding the Global Vaccine Alliance (GAVI) set up to support affordable and equitable access to vaccines for ninety-two (92) countries around the world, including six in the Caribbean – Dominica, Grenada, Guyana, Haiti, Saint Lucia, and St Vincent and the Grenadines.”
Commenting on the agreement, EIB President, Werner Hoyer, reportedly said that “strong international cooperation is essential for ending the COVID-19 crisis, and to unlocking a global economic and social recovery. Since the outbreak of the pandemic, the European Investment Bank has worked with a range of partners globally to ensure a rapid and targeted response. As part of Team Europe, the EIB has already supported COVAX to make vaccines available in low and middle income countries through our largest ever financing for public health. The agreement with CDB today represents a key step to enable a faster recovery in the Caribbean region.”
