KINGSTON, Jamaica — The Caribbean Development Bank (CDB) says it provided more than $140.2 million in financing in 2020 and secured an additional $50 million for 2021 to support its borrowing member countries (BMCs) in mitigating the macroeconomic fallout and adverse social effects of the COVID-19 pandemic.

The bank noted that the onset of COVID in the first quarter of the year triggered a steep fall in BMC government revenues, which along with an increased demand for healthcare and social support, put social services and health systems under pressure, exacerbated inequalities in education and increased the vulnerability of at-risk groups.

It said in response, it provided multidimensional support to address the immediate needs of BMCs through “mitigative intervention”.

In part two of the “CDB’s Regional Report: 2020 Review and 2021 Outlook”, released today, Bank President, Dr Wm Warren Smith said, “When the pandemic struck, CDB recognised quickly that the resulting increase in COVID-related expenditure was occurring at a time when taxes and other government revenues were also being adversely affected. We were able to use resources from our concessional Special Development Fund (SDF) to provide US$66.7 million in emergency loans to seven eligible countries. In this way these countries gained access to additional resources to meet unforeseen expenditures whilst continuing to protect the most vulnerable in their populations.”

The seven beneficiary countries were Antigua and Barbuda (US$13 million), Belize (US$15 million), Dominica (US$2.5 million), Grenada (US$5.9 million), Saint Lucia (US$10.8 million), St Vincent and the Grenadines (US$11.3 million), Suriname (US$8.2 million).