The IDB will allocate $ 12 million to Latin America

15, April

(Reuters) – The Inter-American Development Bank (IDB) has $ 12 billion in resources available to deal with ...

(Reuters) – The Inter-American Development Bank (IDB) has $ 12 billion in resources available to deal with the crisis and the consequences of the coronavirus spread in Latin America and the Caribbean

The resources – which will be directed to both governments and companies – are potentially more than the 2,000 million dollars that the multilateral organization had received two weeks ago.

They will be destinated to create measures that protect vulnerable populations, support for employment and production, and fiscal policies for the economic risks of nations.

“We are immediately reprogramming resources to help with the health emergency,” IDB President Luis Alberto Moreno said in a statement.

“However, the historical dimensions of this crisis require a multisectoral strategy that anticipates the social and productive impacts in the medium and long term,” they added.

In addition, governments can request the redirection of resources from the portfolio of projects that are already underway to meet the needs generated by COVID-19.

Of the total amount, IDB Invest, the IDB institution that serves the private sector, dedicates $ 4.5 billion to companies impacted by the crisis.

“These funds, added to the available resources that had already been programmed for 2020, could be available to countries up to 12,000 million dollars that may be necessary to the crisis and its consequences,” the document said.