CABEI approves Financing to Cuba for €46.7 million to support the fight against COVID-19

The Project will benefit more than 11 million people as part of the fight against COVID-19.

To strengthen capacities in the development and production of medicines, medical equipment, diagnostics and vaccines to combat COVID-19, the Central American Bank for Economic Integration (CABEI) approved the first financing to its extra-regional member country the Republic of Cuba for €46.7 million to benefit more than 11 million people through the production of 200 million vaccines against COVID-19.

CABEI Executive President Dr. Dante Mossi stated,

“We celebrate this first approval for the Republic of Cuba, which we hope will be the first of many. This particular operation will help address the health crisis by developing vaccines to reduce people’s risk of becoming infected by the COVID-19 virus and will also contribute to the country’s economic reactivation.”

One of the specific objectives of the Project to Strengthen the Cuban Biopharmaceutical Industry to combat COVID-19 in Cuba and the Region is to achieve higher levels of economic productivity through the development of innovative products of great importance in the context of the COVID-19 pandemic, and the modernization of technology, as well as diversification for the benefit of the National Health System and other countries in the region.

The credit also contemplates the strengthening of the productive infrastructure of the Cuban biopharmaceutical industry, allowing a greater production of injectable antibiotics, parenteral solutions (serums), generic and biosimilar medicines, diagnostics, medical equipment and specific vaccines against COVID-19, as well as the acquisition of supplies and medical protection material to prevent its contagion.

This article first appeared on the Central American Bank for Economic Integration (CABEI).