The Central American Bank for Economic Integration (CABEI) has signed the first financing agreement with the Republic of Cuba for the execution of a project to strengthen the Cuban biopharmaceutical industry.
On of the goals of the project is to combat COVID-19.
The funding is for a total of €46.7 million ($45 million).
The initiative, which will benefit more than 11 million people through the production of 200 million doses of vaccines, is expected to achieve higher levels of economic productivity through the development of innovative medicines of great importance in the context of the pandemic and the modernization of technology, which will contribute to diversification for the benefit of the national health system and other countries in the region.
At the signing ceremony, CABEI executive president Dante Mossi said, “As a development bank and with the consent of all our member countries, I am pleased to celebrate today this health support response aimed at protecting the lives of Cuban families by strengthening the health system. I am also grateful for the support of our partners; UNDP’s support is of vital importance for the development of this initiative.”
The project, which will be executed by the United Nations Development Program (UNDP), in accordance with its procurement policies and regulations, will also allow for increased production of injectable antibiotics, parenteral solutions (serums), generic and biosimilar drugs, diagnostics, medical equipment and specific vaccines against COVID-19, as well as the acquisition of medical supplies and protection material to prevent its transmission.
In addition, the loan is granted under the. specialized mechanism established by CABEI for activities and operations with the Republic of Cuba.