CABEI approves US$150 million to the Republic of Panama for emergency derived from COVID-19
With this operation, CABEI will reimburse around 40% of the digital vouchers that were accredited by the Government of Panama between the months of May and October of the year 2020.
Tegucigalpa, November 13th, 2020.- The Central American Bank for Economic Integration (CABEI), approved funding of up to US$150 million to the Republic of Panama to increase prevention and containment efforts of the COVID-19 pandemic in the country. One of the credit's objectives is to partially reimburse the expenditures made under the digital solidarity voucher for the vulnerable and affected by the pandemic.
The operation is part of CABEI's Regional Emergency Support and Preparedness Program for COVID-19 and Economic Reactivation, specifically of its third component that seeks to provide credit to finance public sector operations. This program aims to provide fast-disbursing financial resources to the SICA region countries and other countries outside the region to finance operations for the prevention, detection, and treatment of COVID-19; in addition to mitigating its economic impact on the countries.
CABEI's Executive President, Dr. Dante Mossi, said "we are living through an enormous challenge; the Bank's priority is to accompany countries in overcoming the health crisis caused by the virus. The Bank, through its support program, has already provided a rapid and agile response to our partners to face the economic consequences of the coronavirus pandemic. Non-reimbursable technical cooperation, medical equipment and supplies donations, and resources for both the private and public sectors have been provided.”
CABEI continues to support the country, mainly in these moments of crisis, in which the collaboration of the Multilateral Bank, through concessional loans, becomes crucial for the region's countries.
The loan has a repayment term of up to 20 years, including a five-year grace period and an interest rate based on LIBOR.