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HomeBusinessWorld Bank Approves $100M Loan for Bahamas’ COVID-19 Response and Recovery

World Bank Approves $100M Loan for Bahamas’ COVID-19 Response and Recovery

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(Eyewitness News) WASHINGTON, DC — The World Bank board of executive directors yesterday approved a US$100 million COVID-19 Response and Recovery Development Policy Loan for The Bahamas. The operation will support the country’s efforts to provide COVID-19 relief and lay the foundation for a resilient economic recovery.

“The COVID-19 pandemic came on the heels of the devastation caused by Hurricane Dorian,” said Tahseen Sayed, World Bank country director for the Caribbean. “The Bahamas has suffered one of the most severe economic contractions in the Caribbean. This World Bank assistance will contribute to country efforts to reduce vulnerabilities of citizens most impacted by the crisis, and support policy and institutional measures for a resilient recovery.”

The Bahamas has faced severe socioeconomic impacts due to the pandemic, which led to a sudden stop in tourism and an estimated economic contraction of 16.2 percent over the past year. Unemployment, already on the rise after Hurricane Dorian, increased further, and poverty is estimated to have increased in 2020.

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