The Central American Bank for Economic Integration (CABEI) granted a credit of 46.7 million dollars to Cuba for the production of 200 million vaccines against covid-19, Cuban media reported this Tuesday.
This is the first line of financing that CABEI grants to Cuba, an extraterritorial partner of this regional entity, and will be executed by the United Nations Development Program (UNDP).
“We celebrate this first approval of the Republic of Cuba, which we hope will be the first of many. This particular operation will contribute to facing the health crisis through the development of vaccines ”and“ will also contribute to the economic reactivation of the country, ”CABEI Executive President Dante Mossi said in a statement.
The loan, of which the financial conditions did not transcend, seeks to “strengthen capacities in the development and production” of medicines, medical equipment and vaccines against covid-19, of which Cuba has developed three that it is applying en masse to its population and even exporting, albeit to a limited extent.
Among the “specific objectives” of credit is “achieving higher levels of economic productivity through the development of innovative products of great importance in the context of the covid-19 pandemic,” indicates CABEI.
Specifically, they want to take advantage of this financing to increase the production of “injectable antibiotics, parenteral solutions (serums), generic and biosimilar drugs, diagnostics, medical equipment and specific vaccines against covid-19”, as well as the acquisition of supplies and material of medical protection to prevent its contagion.
It also seeks the “modernization of technology” and “diversification for the benefit of the National Health System and other countries in the region,” according to CABEI.
CABEI is a development bank founded by several Central American countries, although its partners also include Mexico, Colombia, Argentina and Spain, which seeks to promote economic integration and balanced economic and social development in the Central American region.