IDB Mobilizes $1 billion for COVID-19 financing in Latin America and the Caribbean

The COVID-19 vaccine – who will be first in line, when will it arrive, how much, and whether it is safe – in all its permutations has become a continuous topic of conversation on social media, ever since news broke this week of the first vaccine administered in the United States, to a Jamaican-born nurse in New York.

Now, the Inter-American Development Bank (IDB) is planning to support countries in the region with acquiring and distributing the vaccine – in addition to substantial funds for public health, already committed for next year. Here is the IDB press release:

IDB Mobilizes $1 Billion for COVID-19 Vaccine Financing in Latin America and the Caribbean

Today, the Inter-American Development Bank (IDB) announced that it will mobilize $1 billion to help Latin American and Caribbean countries acquire and distribute COVID-19 vaccines. The funds will complement $1.2 billion in resources that the IDB has committed in 2020, as well as other funds already programmed for 2021, to help countries save lives through public-health measures, such as more effective testing and tracing, and better clinical management of COVID-19 patients.  

“We are expanding our support to help Latin American and Caribbean countries ensure timely access to safe and effective COVID-19 vaccines,” said IDB President Mauricio Claver-Carone. “The coming months will be critical to altering the course of the pandemic and supporting the recovery of our region, which is why we are being bold and proactive.”

The IDB will support countries in three main areas: the purchase of vaccine doses through multilateral efforts, such as the COVAX Facility;  institutional strengthening to help countries develop effective vaccine deployment mechanisms; and investment to build immunization capacity and finance operational costs. The Bank will work closely with other institutions, including the Pan-American Health Organization.

In addition, the IDB is reiterating its call for Latin American and Caribbean governments to redouble efforts to prepare national deployment and vaccination plans. The IDB stands ready to help ensure their successful implementation throughout the region.

For information on the Bank’s operational response to COVID-19 across sectors, view our dashboard here .

Visit our coronavirus hub here.

About the IDB

The Inter-American Development Bank‘s mission is to improve lives. Founded in 1959, the IDB is one of the main sources of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research projects and offers policy advice, technical assistance and training to public and private clients throughout the region.

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