The Monetary Council of the Eastern Caribbean Central Bank (ECCB), acting on the recommendations of the ECCB board of directors, today approved grant funding totalling EC$4 million to member governments to combat the novel coronavirus (COVID-19).
“We are facing an unprecedented situation with the COVID-19 pandemic.”— Dr Keith Mitchell, chairman of the Eastern Caribbean Central Bank Monetary Council
As a result of the allocation, each ECCB member country will receive EC$500,000 to treat with the virus, which the World Health Organisation (WHO) declared a global pandemic on March 11.
According to Chairman of the ECCB Monetary Council, Dr Keith Mitchell, “We are facing an unprecedented situation with the COVID-19 pandemic. Our countries are very appreciative of this thoughtful and practical gesture by the bank.”
With this understanding of the potential economic, financial and social impacts of COVID-19 on member countries, the ECCB disbursed half of the grant on Friday, March 13, to purchase testing kits and other critical equipment to detect, contain and manage COVID-19.
The ECCB will disburse the rest of the funds “to procure equipment and supplies such as ventilators and drugs through the Organisation of Eastern Caribbean States Pharmaceutical Procurement Service (OECS PPS), a bulk procurement mechanism”.