CABEI allocates US$1.91 billion to COVID-19 regional contingency plan

CABEI allocates US$1.91 billion to COVID-19 regional contingency plan

The President of the Central American Bank for Economic Integration (CABEI), Dr. Dante Mossi, held a meeting with Foreign Ministers and representatives of the instances of the Central American Integration System (SICA), in which he explained that the Bank has a financial program amounting to US$1.91 billion to face the health and economic crisis caused by the coronavirus pandemic.

During his speech, Dr. Mossi explained that this financial support has already begun its execution with a US$8 million donation for the countries of the region, the disbursement of US$90 million for the financial strengthening of Costa Rican state banks and specific support to areas of the region such as the Trifinio Plan zone to which US$25,000 was provided for prevention and contingency campaigns.

The plan involves providing the region with resources that enable the countries of the region to pay for the expenses and expand their response to the effects generated by the coronavirus crisis. Dr. Mossi announced that this program to be developed in the short and medium-term includes US$550 million of emergency budget support, in addition to US$1.00 billion for central banks, US$350 million to provide liquidity support to commercial banks with the aim of supporting MSMEs and US$2.1 million for the procurement of 150,000 COVIT-19 test kits.

Dr. Mossi insisted that the funds are ready to be disbursed and do not include the support that the Bank plans to coordinate with other international organizations such as the Pan American Health Organization and the World Health Organization.

Original source: BCIE
Published on 26 March 2020