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Costa Rica
Tuesday, May 17, 2022

Central American Bank approves $400 million to finance vaccines against Covid-19 in region

The Central American Bank for Economic Integration (CABEI) approved financing of $400 million for the purchase of vaccines against Covid-19 in the region, the president of the organization, Dante Mossi, reported Thursday.

The resources will serve “to guarantee our countries priority access to these vaccines” when they become available in the international market, Mossi said.

Vaccines are under development in several countries, and the Pan American Health Organization (PAHO) seeks to guarantee supply to its member states.

“To date, it is not possible to have a price or quantity of vaccines that each country will require,” Mossi noted.

CABEI will grant $50 million to each of the eight beneficiary countries of the institution: Belize, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and the Dominican Republic.

The emergency loan will be issued with a 20-year term and interest rates below 3%.

CABEI on Thursday held its 60th annual meeting of governors, during which it approved its plan for the 2020-2025 five-year period — when it plans to grant financing for $15 billion.

Mossi said the members stressed that it is necessary to support large projects such as the Costa Rican interurban train, regional electrical interconnection, and financial support for governments and businesses in the region with a view to post-pandemic economic recovery.

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