A man and a dog walk along an empty street in Santo Domingo on April 12, 2020.

DomRep to receive US$100-m loan from World Bank for COVID response

A man and a dog walk along an empty street in Santo Domingo on April 12, 2020.

The Dominican Republic will receive a US$100 million loan from the World Bank to support its COVID-19 response.

An aerial view of Santo Domingo, capital of the Dominican Republic. (Photo: IFC)

The global institution yesterday, June 18, approved the sum which it said will help its efforts to contain the negative impact of the coronavirus by “addressing both the immediate health risks and the socio-economic effects on poor and vulnerable households”.

The loan brings the territory’s total disbursement to US$250 million after the Bank approved a previous sum of US$150 million in March from its contingent line of credit for disasters and health-related events.

World Bank country manager, Alessandro Legrottaglie, said “This World Bank financing supports country measures to address the socio-economic impacts of the COVID-19”, adding that these include measures to improve the capacity of the country’s health system, support the vulnerable population and reduce the financial burden on households and businesses.

The World Bank Group is one of the largest sources of funding for developing countries and will deploy US$160 billion over a 15-month period 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.

“We are increasing disease surveillance, improving public health interventions, and helping the private sector continue to operate and sustain jobs,” the Bank said.