Tuesday, April 7, 2020

CDB Approves $140m Aid Package

The Caribbean Development Bank (CDB) has earmarked $140 million to help borrowing member countries, including The Bahamas, weather the economic impact of Covid-19.

The funds will be used to help mitigate the economic and social repercussions of coronavirus as the CDB estimates that global growth will fall by 1-2 per cent this year.

“The economic and social shock of the Covid-19 pandemic will likely be severe in most Caribbean countries,” said CDB president Dr William Warren Smith.

“There is the additional concern that the situation could be exacerbated in the near future given our region’s vulnerability to natural disasters, and with the hurricane season less than two months away. We stand ready to assist Caribbean countries to alleviate these shocks.”

“The extent of decline of gross domestic product will depend on the duration of the pandemic and the effectiveness of the policy responses by the countries. Our goal is to ensure our borrowing member countries get access to appropriate financing during the COVID-19 pandemic and to be their partner in the post-crisis recovery,” he added.

The CDB president hinted that there would be more funding to come, calling the $140 million allocation “the first of a package of assistance that the CDB is developing” and said that financial and technical assistance would be targeted towards the most vulnerable populations.  (source)