IDB approves US$22M to strengthen Guyana’s COVID-19 response

In an effort to strengthen Guyana’s public health response to the COVID-19 pandemic, the Inter-american Development Bank (IDB), under the Contingent Credit Facility for natural Disaster and Public Health Emergencies, has approved a Us$22-million loan.

The IDB loan will provide an efficient financial coverage to support, in a timely manner, the implementation of Guyana’s strategic response plan to COVID-19. This includes the purchase of medical equipment, laboratory equipment and inputs, ambulances, and personal protective equipment for health workers, surveillance officers, border personnel, among other needs.

“Given the ongoing global health crisis and its impacts, the Government is facing the challenge of strengthening the country’s health system, while also confronting the financial and liquidity constraints that limit its capacity to continue investing in closing the gaps and building preparedness and response capacity,” the bank stated.

“As the number of COVID-19 cases increases, it is critical to ensure that the Government has the necessary funding to quickly implement all measures required to control the ongoing emergency and save people’s lives”.

According to IDB, the loan is charged to the regular ordinary capital of the IDB, with a repayment term of 25 years, a grace period of 5.5 years and an interest rate based on the London Interbank Offered Rate (LIBOR).

A total of US$6.6 million is charged to concessional ordinary capital, with a repayment and grace term of 40 years and an interest rate of 0.25 per cent, the bank further explained.

As of November 11, 2020, Guyana recorded a total of 4,618 COVID-19 cases with 137 fatalities.