Grenada to benefit from financial partnership between CDB and EIB

by Linda Straker

• CDB–EIB partnership valued at US$36 million
• Concessional financing falls under broader CDB–EIB cooperation to improve resilience in region
• Agreement virtual signed on Tuesday, 20 July 2021

Grenada is one of the borrowing member countries of the Caribbean Development Bank (CDB) that will benefit from special US$36 million partnership with European Investment Bank (EIB) for the purchasing of Covid-19 vaccines and new healthcare investments.

The funding will facilitate other health-related emergency expenditures to limit the spread of the virus, and will help protect vulnerable groups and accelerate the region’s return to normal economic activities.

“The financing will strengthen the public health systems that are dealing with the pandemic including, improving capacity for testing, tracing and treatment, logistics, storage, transport and monitoring activities as well as the purchase of vaccines and the execution of vaccination campaigns. The concessional financing falls under the broader CDB-EIB cooperation to improve resilience in the region,” said a news release from the CDB.

CDB President Dr Gene Leon and Vice President of the EIB Ricardo Mourinho Félix announced the agreement on Tuesday, 20 July 2021 during a virtual signing ceremony. “The region has been severely impacted by the Covid 19 pandemic. Job losses have reached unprecedented levels; foreign exchange and remittance flows have been disrupted, and traditional revenue sources have dried up whilst Government’s Covid-related expenditures have risen sharply.” Dr Leon said. “CDB welcomes the partnership with the EIB. Through this support, we will be able to deliver vaccines and health services to our populations, thereby preparing the groundwork for the safe conduct of industrial, commercial and social activities,” he added.

“By spreading the cost of vaccinating the population over time, and by providing new funding for health-sector interventions, the CDB-EIB partnership will help Caribbean countries protect vulnerable groups against the impact of Covid-19,” stated EIB Vice President Ricardo Mourinho Félix.

“This complements the EUR 500 million in funding the EU has provided for Gavi, the global Vaccine Alliance, to support affordable and equitable access to vaccines for 92 countries around the world, including 6 in the Caribbean — Dominica, Grenada, Guyana, Haiti, Saint Lucia, and St Vincent and the Grenadines.”

Commenting on the agreement, EIB President Werner Hoyer said, “Strong international cooperation is essential for ending the Covid-19 crisis, and to unlocking a global economic and social recovery. Since the outbreak of the pandemic, the European Investment Bank has worked with a range of partners globally to ensure a rapid and targeted response. As part of Team Europe, the EIB has already supported COVAX to make vaccines available in low- and middle-income countries through our largest ever financing for public health. The agreement with CDB today represents a key step to enable a faster recovery in the Caribbean region.”