CDB to provide US$3M for equipment in response to the COVID-19 pandemic
“With the disruption of supply chains, increased demand, and soaring prices, the Caribbean Development Bank will purchase personal protective equipment in bulk to achieve greater value for money and certainty of supply to frontline helpers who are fighting the COVID-19 pandemic.”CDB Vice-President (Operations), Monica La Bennett.
|(Caribbean Development Bank Press Release) The Caribbean Development Bank (CDB) is providing funds to purchase personal protective equipment needed by its Borrowing Member Countries (BMCs) to tackle the COVID-19 pandemic. |
The Bank’s Board of Directors recently approved US$3 million for the procurement of these urgently needed supplies.
According to the Caribbean Disaster Emergency Management Agency (CDEMA), personal protective equipment, such as masks, goggles, gloves, and safety gowns are among the priority items required by BMCs to enhance their COVID-19 preparedness and response. CDB will centrally procure this protective equipment.
“With the disruption of supply chains, increased demand, and soaring prices, the Caribbean Development Bank will purchase personal protective equipment in bulk to achieve greater value for money and certainty of supply to frontline helpers who are fighting the COVID-19 pandemic,” said CDB Vice-President (Operations), Monica La Bennett.
The Caribbean Disaster Emergency Management Agency, the Pan American Health Organisation, and the Caribbean Public Health Agency, which are responsible for emergency response coordination for the Region’s health sector, will work closely with national governments to identify their needs. In partnership with CDEMA, the Bank will distribute the equipment to eligible Borrowing Member Countries.
CDB’s response to COVID 19 to date includes US$140 million, which will be directed mainly towards the most vulnerable groups and give the highest priority to strengthening social safety nets in Borrowing Member Countries.
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About the Caribbean Development Bank
The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional non-borrowing members – Brazil, Colombia, Mexico and Venezuela and five non-regional, non-borrowing members; i.e., Canada, China, Germany, Italy, and the United Kingdom. CDB’s total assets as at December 31, 2018 stood at USD3.24 billion (bn). These include US$1.75 bn of Ordinary Capital Resources and US$1.49 bn of Special Funds Resources. The Bank is rated Aa1 Stable with Moody’s, AA+ Stable with Standard & Poor’s and AA+ Stable with FitchRatings. Read more at caribank.org.