CABEI reiterates support for Costa Rica to face the health and economic crisis

San José, August 28, 2020.-  The Central American Bank for Economic Integration (CABEI) ratified its commitment to the Republic of Costa Rica, as one of its founding partners, to support the fight against the health and economic crisis derived from the COVID-19 pandemic with different measures.

This Friday the Chief Country Officer, Mauricio Chacón, and the executive delegate of the UCR Foundation, Isabel Martínez, signed, along with the President of the Republic, Carlos Alvarado, the non-reimbursable cooperation for US$500,000 for the Clodomiro Picado Institute of the University of Costa Rica (ICP-UCR) that will help advance research for the production of a therapeutic formulation of antibodies against the SARS-CoV-2 coronavirus and the treatment of patients with COVID-19.

In turn, Chacón recalled that, since the beginning of the pandemic in March, CABEI launched the “Emergency Support and Preparedness Program for COVID-19 and its Economic Reactivation” for partner countries, which includes economic donations and medical supplies, to new financing mechanisms adapted to the sectors hit the hardest by the crisis.

Specifically to the Republic of Costa Rica, CABEI has provided the following support throughout these almost six months with:

A donation of $1 million for the fight against covid-19

Two donations of medical supplies for more than $435,000

Resources for $350 million available to the region through the financial sector for MSMEs.

The approval of a loan for $300 million that will financially support the National Guarantee Fund

As well as the recent approval of a regional loan that will allow each founding member country to access $50 million to acquire the vaccine against covid-19

For his part, the President of the Republic, Carlos Alvarado Quesada indicated that the half million dollars will be used to cover the economic needs to expand the plasma project of the Clodomiro Picado Institute, and thereby produce 25 thousand bottles that contribute to the treatment that the country is giving to the COVID-19 health emergency.

Alvarado, thanked CABEI for the welcome made to his request and for making this important donation for such promising national research.

“We are deeply grateful to the Government of the Republic for allowing us to contribute to the efforts to face this difficult situation, which allows us to ratify our commitment to be the financial arm of the countries of the region”, stressed Chacón.

Dr. Adrián Pinto, vice-rector for research at the UCR, thanked all the people of Costa Rica for the great effort to have a solid health and public education system. For Dr. Pinto, these are the two pillars on which the social rule of law rests and which, without a doubt, is responsible for Costa Rica having one of the lowest death rates from COVID-19 in the entire continent.

“Investing in research linked to society is investing in development and is investing in hope. In this context, today we reap the fruits of that investment. Today we have various initiatives from universities to combat the pandemic in all areas of knowledge,” said Dr. Pinto.