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IDB Approves Additional $1.65 Billion to 2021 Loan Amounts to Spur LAC's Economic Recovery
Bnamericas Published: Thursday, December 02, 2021
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By IDB
December 02, 2021 -- Yesterday, the Inter-American Development Bank (IDB) approved eight operations totaling $1.65 billion for Argentina, Brazil, Ecuador, Haiti, Honduras and Uruguay. These additional loans and new resources will help governments strengthen their public finances, kick-start their economies, and improve healthcare, water, sanitation and transportation services. The funds will also help improve resilience to natural disasters, food safety, the business environment, and connectivity in rural areas, among other objectives.
Operations and amounts approved by country:
Argentina: The IDB has approved two loans to Argentina for a total of $500 million. The first is a $300 million credit to improve access to public health services in Buenos Aires Province. The project will integrate first-, second- and third-tier public healthcare systems into a network of services focused on providing care to people who rely exclusively on public coverage. The initiative also aims to enhance capacity for preventive, detection, and treatment services related to COVID-19.
The second loan, in the amount of $200 million, will improve the road network in Buenos Aires Province. It will optimize the quality of service of road infrastructure, boost safety and strengthen the management capacity of public agencies on safety issues.
Brazil: An $80 million loan will enhance drinking water and sanitation coverage in the city of Manaus. The resources will also finance urbanization projects, digital transformation, and gender inclusion and diversity initiatives. Approximately 35,000 people will benefit from improved environmental, climate-resilience and health-related conditions.
Ecuador: A $400 million policy-based guarantee will foster sustainable and inclusive economic recovery in the country. The program will help strengthen institutional and regulatory frameworks to improve the business environment, promote international trade, and increase financial stability and access to financing.
Haiti: Non-reimbursable financing of $60 million will improve food security for Haiti's rural households, including for farmers, fishers, and seafood traders, by boosting productivity and connection to markets. The project includes $18.3 million in cofinancing from the Global Agriculture and Food Security Program.
Honduras: A $400 million contingent credit will help Honduras manage natural and public-health disasters. The financing will help buffer the impact that natural disasters and severe or catastrophic public health emergencies can have on the country's public finances. This operation was approved under the IDB's Contingent Credit Facility for Natural Disaster and Public Health Emergencies (CCF), an innovative instrument to promote greater financial resilience for countries. The CCF also contributes to the Bank's climate financing for Latin America and the Caribbean.
Uruguay: The IDB has approved two loans to Uruguay for a total of $210 million. The first, a $145 million credit, will support post-pandemic economic and fiscal recovery. The funds will help strengthen the countercyclical effects of fiscal policy by introducing temporary measures to protect the income of vulnerable households and boost liquidity for micro, small, and medium-sized businesses.
The second loan, in the amount of $65 million, will be used to repair several segments of road throughout Uruguay. These improvements to transportation infrastructure will play a key role in boosting the competitiveness of the forestry and agro-industrial industries.
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