USD 325 Million for Ecuador’s Vaccination Plan and Productive Recovery
December 07, 2021
CAF—development bank of Latin America—and the Ecuadorian Ministry of Finance formalized two loans totaling USD 325 million for Ecuador, which aim to support the public health system through the national vaccination plan, as well as productive economic recovery, through public finance sustainability support.
The first loan for USD 75 million includes actions for the acquisition of effective and safe vaccines, certified by the nation’s regulatory bodies; strengthening and modernization the logistics chain necessary for immunization, along with development and revamping of information and registration systems, from the national to the subnational levels.
The second loan for USD 250 million seeks to support public finance sustainability and ensure a manageable debt trajectory; promote productive recovery with emphasis on improving competitiveness, growth with equity, including a social protection system aimed at the sectors hit hardest by the pandemic, through the expansion of conditional cash transfer programs.
“With these financial resources we hope to underpin the national government’s fiscal management and help promote the availability and timely use of public funds, strengthening the countercyclical effect of fiscal policy to face current challenges, and navigate a sustainable, inclusive and resilient recovery path. We also continue to provide financing facilities to support authorities in their vaccination plans and in the strengthening of the healthcare sector to improve the population’s well-being,” CAF executive president Sergio Díaz Granados said.
The priorities of CAF’s strategy in Ecuador include: fiscal stability consolidation, bettering employment, productivity and national competitiveness; and social inclusion, with an emphasis on those demographics with more limited resources.