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World Bank Provides US$15 Million Additional Financing for Eastern Caribbean Health Sector

World Bank Provides US$15 Million Additional Financing for Eastern Caribbean Health Sector

Media Release Courtesy The World Bank

WASHINGTON — The World Bank Board of Executive Directors approved US$15 million in additional financing for health sector projects in the Eastern Caribbean. The financing replenishes funds that were redirected from these projects to support the countries’ immediate emergency response to the COVID-19 pandemic.

“The World Bank provided speedy financing to Dominica, Grenada, Saint Lucia, and Saint Vincent and the Grenadines by allocating resources from existing health projects to fast-track procurement of essential medical equipment and to strengthen medical facilities during the COVID-19 pandemic.” 

“A strong health sector is essential to save lives and build countries’ resilience. The additional financing ensures that important health projects receive quick replenishment of funds to continue their activities and accomplish project objectives,” said Tahseen Sayed, World Bank Country Director for the Caribbean.

Additional financing of US$10 million is provided to  the Organisation of Eastern Caribbean States (OECS) Regional Health Project in Dominica (US$3 million), Grenada (US$2.5 million), and Saint Vincent and the Grenadines (US$4.5 million). The OECS Regional Health Project aims to improve preparedness capacities of health systems for public health emergencies. Additional financing of US$5 million was also approved for Saint Lucia’s Health System Strengthening Project, which supports improved accessibility, efficiency, and responsiveness of key health services. These projects rapidly released funds to support national responses to COVID-19 using their Contingent Emergency Response Components (CERCs). CERCs allow funds to be reallocated rapidly from existing projects and used for emergency response activities.

The additional financing for these projects comes from the International Development Association (IDA) with a maturity of 40 years, including a grace period of 10 years.

World Bank Group COVID-19 Response:

The World Bank Groupone of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries strengthen their pandemic response. We are increasing disease surveillance, improving public health interventions, and helping the private sector continue to operate and sustain jobs. Over the next 15 months, we will be deploying up to $160 billion in financial support to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery, including $50 billion of new IDA resources in grants or highly concessional terms.

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Hannah McDonald-Moniz External Affairs Officer, The World Bank
Charmaine Wright External Affairs Consultant, The World Bank
OECS Communications Unit Organisation of Eastern Caribbean States
Hannah McDonald-Moniz External Affairs Officer, The World Bank
Charmaine Wright External Affairs Consultant, The World Bank
OECS Communications Unit Organisation of Eastern Caribbean States
About The Organisation of Eastern Caribbean States

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The Organisation of Eastern Caribbean States (OECS) is an International Organisation dedicated to economic harmonisation and integration, protection of human and legal rights, and the encouragement of good governance among independent and non-independent countries in the Eastern Caribbean. The OECS came into being on June 18th 1981, when seven Eastern Caribbean countries signed a treaty agreeing to cooperate with each other while promoting unity and solidarity among its Members. The Treaty became known as the Treaty of Basseterre, so named in honour of the capital city of St. Kitts and Nevis where it was signed. The OECS today, currently has eleven members, spread across the Eastern Caribbean comprising Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia, St Vincent and The Grenadines, British Virgin Islands, Anguilla, Martinique and Guadeloupe. 

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