(Barbados Today) Barbados’ response to the COVID-19 pandemic has received a $120 million loan to boost the effort from the European Investment Bank (EIB), the European Union’s lending arm said Tuesday.
The government indicated that the loan will pay for the costs already incurred in the fight against the year-old pandemic.
The loan is to support the costs of strengthening the public health system to improve the full range of COVID-19 treatment and prevention – more treatment capacity for COVID-19 patients, lab capacity and equipment, quarantine facilities, IT equipment, vaccine storage, track and tracing, and logistics, transport and monitoring activities. The financing is also intended to relieve the financial burden of increased healthcare spending “during a time of economic hardship,” according to the EIB.
Minister of Economic Affairs and Investment Marsha Caddle said the low-cost financing allows Government to retroactively finance the building of Harrison’s Point and other COVID spending in addition to new spending related to the pandemic.