- EIB finances key healthcare infrastructure in St Lucia enabling preparedness for pandemics
- The new loan contributes to the “Team Europe” response to the COVID-19 outbreak
- The EU bank delegation explores new financing opportunities in St Lucia during the Vice President’s first visit to the Caribbean
The European Investment Bank is providing EUR 14 million (USD 14m) to strengthen the country’s healthcare system by financing part of the government’s response plans to COVID-19.
The latest targeted finance for the health sector in St Lucia from the European Investment Bank, the world’s largest international public bank, will improve healthcare infrastructure, and support a sector severely impacted by COVID-19 challenges.
The loan will enable additional COVID-19 testing, diagnosis and isolation as well as the provision of Personal Protective Equipment (PPE) and other medical supplies in order to ensure adequate resources and equipment. The funding will help protect vulnerable groups and accelerate the region’s return to normal economic activities.
Prime Minister and Finance Minister of Saint Lucia, Philip J. Pierre and Vice President of the EIB, Ricardo Mourinho Félix announced the agreement today at a signing ceremony in Castries.
The envisaged loan contributes to the “Team Europe” response to the COVID-19 outbreak, and is fully aligned with one of its pillars i.e. “Strengthening health, water and sanitation systems, as well as partner countries’ capacities and preparedness to deal with the pandemic”.
EIB Vice President, Ricardo Mourinho Félix said: “Finance for recovery from the effects of the pandemic, whilst enabling countries to prepare for future health care challenges, will support sustainable and resilient growth. The signature today with the government of St Lucia, as part of the Team Europe response, plays a crucial role in strengthening the healthcare system in the country. The EU bank through EIB Global remains committed to supporting the Caribbean region.”
Prime Minister and Finance Minister of Saint Lucia, Philip J. Pierre added: “This loan will assist us, not only in strengthening our health system, but also help the government in paying the commitments incurred during COVID. We still have many commitments. We still have to pay for isolation facilities, we still have to pay for medicines and still strengthen our health system – so this loan is timely and we’re very pleased. When I spoke with the vice president, he said to me that part of his mantra is putting people first. That aligns with our policy as a government and our policy as a party – putting people first.”
Strengthening health care infrastructure in St Lucia
The EIB financing allows the bank to increase and adapt the existing healthcare infrastructure capacity for diagnostic and treatment of COVID-19 patients through the reconfiguration and adaptation of hospitals and healthcare facilities, including the Owen King EU and St. Jude Hospitals.
The support ensures the supply of PPE, diagnostic tests, other consumables and drugs for diagnostic and treatment of COVID-19, including the necessary transportation and delivery capacities. The loan contributes to reinforcing laboratory capacities in the country (Ezra Long Laboratory, others), improving the quarantine and isolation capacities, including for a future COVID-19 vaccination campaign and for a Central Procurement and Warehousing unit.
The financing is in line with the Government’s “2019-Novel Coronavirus Preparedness and Response Plan”, and the “Saint Lucia National Emergency management Plan” developed by the Ministry of Health and Wellness (January 2020; revised on March 2020). The response plan covers prevention, surveillance, testing, and treatment as well as the planning and coordination of the implementation of the measures.
Women are playing an important role in responding to the disease, including as frontline healthcare workers and carers, increasing their risk of infection. By supporting the Government’s response to the health crisis, the project contributes to mitigating the outbreak impact on women. The project will contribute towards the achievement of SDGs 3 (Good Health and Well Being), as well as SDG5 (Gender Equality) and SDG1 (No Poverty), to which both the EU and the EIB are fully committed.
The EIB in St Lucia
The EIB first started operating in Saint Lucia in 1981. The most recent EIB agreement in St Lucia was signed with the St Lucia Development bank for EUR 5m, structured under the ACP Investment Facility and guaranteed by the Government of Saint Lucia.
The EIB provides economic support for projects in the Caribbean by facilitating long-term investment with favourable conditions and by providing the technical support needed to ensure that these projects deliver positive social, economic and environmental results. The EIB has been active in the Caribbean since 1978 and has provided more than €2 billion in financing for 223 operations across the region.
EIB Global — accelerating cooperation with the EU and partner countries across the world
EIB Global is the new development arm of the Bank launched in 2022. It builds on more than six decades of EIB operations outside the European Union and brings all the resources of the EIB to bear on operations outside the European Union. EIB Global will foster strong, focused partnerships with countries around the globe, including the Caribbean.
EIB Global will also ensure that regions such as the Caribbean benefit from financing initiatives introduced by the European Union, such as the European Green Deal and the EU Global Gateway. These programmes will improve EU partnership with countries and provide long-term sustainable funding for connectivity projects, accelerate climate action and digitalisation, and strengthen healthcare systems, education and research.
Specific financial tools and facilities providing support and assistance will continue to be rolled out through EIB Global to shore up riskier projects around the world, particularly in the field of climate action, and ensure that the most vulnerable populations have access to water, electricity and healthcare.
Background information:
EIB Global is the EIB Group’s new specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
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