Banking and Finance

Caribbean Development Bank commits nearly 30 million USD to improve Health Care Systems

Photo: CDB

BRIDGETOWN, Barbados – Almost three years ago, the COVID-19 pandemic first breached the shores of Caribbean countries, causing severe economic and social dislocation and putting immense strain on health systems throughout the Region.

Now, as the Region continues its recovery, the Caribbean Development Bank (CDB) has committed US$29.8 million to strengthen health systems in Grenada, Saint Lucia and St. Vincent and the Grenadines to better withstand future health crises.

At a meeting on Thursday, March 30, the Bank’s board of directors ratified approval of three loans in the sums of US$9.97 million, US$9.86 million and US$10 million to the Governments of Grenada, Saint Lucia and St Vincent and the Grenadines respectively. The funding is allocated from resources provided by the European Investment Bank (EIB) to CDB under the EIB Climate Action Line of Credit II – COVID-19 Component.

CDB’s Vice-President of Operations, Isaac Solomon, said the COVID-19 pandemic had revealed cracks in the health care systems, making the investment timely.

The unrelenting demands of the pandemic unearthed and made more prominent and urgent, critical frailties in our health sector around the areas of limited human, infrastructure and institutional capacity,” said Mr Solomon.

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