Latin America development bank CAF opens $2.5 bln line of credit for coronavirus fight

The Development Bank of Latin America (CAF) said on Friday it has opened a $2.5 billion line of credit to help member countries fight coronavirus. Cases of COVID-19 are on the increase in Latin America, where governments have put in place quarantines and travel restrictions in an effort to curb the spread of the flu-like virus.

The credit "will allow the safe-guarding of the health of the population and opportunely support the measures authorities are taking to mitigate the effects of COVID-19," the head of the CAF, Luis Carranza, said in a statement. The line of credit joins another of $300 million announced by the bank at the start of the month.

"We continue to support the banking systems in our countries, prioritizing development banks so they can give resources to the productive sector, especially small and medium businesses," Carranza said.