MOSCOW (Sputnik) – The World Bank’s Board of Executive Directors has approved a credit of $500 million for Ecuador to assist the South American nation in its economic recovery amid the coronavirus pandemic, the global body said in its release.
According to the statement, released on on Tuesday, the resources will help the government support those families most affected by the COVID-19 pandemic, as well as strengthen policies to eliminate constraints to private sector development and promote economic recovery. The financing will also support enhanced public sector efficiency and public finance sustainability during the crisis.
The international institution added that the Global Concessional Financing Mechanism (GCFF) will also extend a non-repayable grant of $14.1 million for Ecuador.
The credit approved on Tuesday is the third in a chain of three operations focused on the support of sustainable and inclusive development policies. The first loan was provided in June 2019 and the second one in May 2020.
The credit has a fixed margin with a maturity period of 11 years and a 4-year grace period.
Ecuadorian Finance Minister Mauricio Pozo said that the World Bank’s support shows the international community’s confidence in the Latin American country and the recognition of the Ecuadorian government’s economic program.
The minister added that due to the COVID-19 crisis the protection of the most vulnerable groups and economic recovery are the priorities of the Ecuadorian government.
According to World Bank Director for Bolivia, Chile, Ecuador and Peru Marianne Fay, since the beginning of the pandemic, the World Bank has collaborated with Ecuador to help combat and mitigate the COVID-19 impact on the country.
Sourse: sputniknews.com
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