IDB provides funds for health, social and economic COVID-19 resilience in OECS

IDB provides funds for health, social and economic COVID-19 resilience in OECS

Saturday, November 28, 2020

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WASHINGTON, United States (CMC) — The Inter-American Development Bank (IDB) has approved a US$50 million loan to support member countries of the sub-regional Organization of Eastern Caribbean States (OECS) and their response to the health, social and economic consequences caused by the coronavirus (COVID-19) pandemic.

The Washington-based financial institution said the loan to the Barbados-based Caribbean Development Bank (CDB) will provide economic resources to the OECS member states.

The OECS groups the islands of Antigua and Barbuda, Dominica, Grenada, St Kitts-Nevis, St Lucia and St Vincent and the Grenadines.

“The programme will help reduce mortality and morbidity from COVID-19 and ensure minimum levels of quality of life and health for vulnerable people in the mentioned countries,” said the IDB, which since 1977, has provided US$227 million to the CDB in a long-term collaborative relationship.

In addition, the IDB said the programme will provide support for micro, small and medium-sized enterprises (MSMEs).

The IDB said OECS countries have reported lower infection rates compared to other countries in Latin America and the Caribbean.

“However, OECS countries are still highly vulnerable to health, social and economic risks caused by the COVID-19 crisis,” the IDB said, noting that before the crisis, OECS countries received more than one million visitors annually.

“This number represents nearly 200 percent of their total population, making OECS countries highly vulnerable to any external factors that affect tourism and presenting serious economic and social impacts for the resident population,” the IDB said.

In response to the COVID-19 crisis, it said the loan will strengthen response leadership at the country level, improve services delivery capacity, support initiatives to break the chain of transmission of the illness and improve case detection and management.

The programme will finance cash transfers and the expansion of safety net services through the use of existing cash transfer programs and platforms in each OECS country, the IDB said.

It said these include conditional cash transfers, transfers for people with disabilities, school-attendance grants for vulnerable populations, school meal support, non-contributory pensions and actions to mitigate the effects of school closures during the crisis and prepare for their reopening, among others.

In order to support the MSME financing, the IDB said the intervention will improve the short-term financial capacity and will provide access to production-oriented finance for economic recovery.

The IDB said programme beneficiaries include OECS residents and visitors, and MSMEs affected by the COVID-19 crisis.

Health interventions will benefit OECS countries population through preventive actions that will be publicly announced soon, the IDB said, adding that the health interventions will also benefit people with potential diagnosis of COVID-19, and those who were diagnosed already and in need of specialised care.

Additionally, the IDB said the health interventions may benefit up to 150,000 vulnerable individuals and 360,000 working age persons who have lost formal or informal sources of income or have closed their businesses due by COVID-19 crisis.

The IDB said the programme will give priority to the tourism, retail, service, logistics, agriculture and fishery sectors for their “high vulnerability to coronavirus,” and it is expected to benefit up to 19,000 MSMEs.

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