Marc Frank

HAVANA, Reuters – Cuba’s Central American Bank for Economic Integration announced that it will lend 46.7 Million Euros ($53.1 Miillion) to the country to support its COVID-19 vaccination program. This is in order to increase production for domestic and international use.

A statement released by the bank Monday said that the new funds would be used to support the production and distribution of an additional 200,000,000 shots.

Cuba, an island country in the Caribbean that was hard hit by pandemics, has already had its population vaccinated against COVID-19 more than any of the richest and most powerful countries. An online count from “Our World in Data” shows that 92% of Cubans received at least one dose.

Health officials claim Cuba’s native, protein-rich Soberana 02, Soberana 02 or Soberana plus shots offer up to 90% protection against symptoms of COVID-19. But, those claims still need to be thoroughly vetted by peer-reviewed journals and the World Health Organization.

According to the country’s epidemiologists, WHO approval of vaccines is a “first world standard”, and Cubans have been negatively impacted by costly upgrades in manufacturing facilities.

According to the Central American bank, Cuba would receive the loan in exchange for its ability to improve the production of vaccines and other medicines.

France made available in September a similar amount through financial instruments to help Cuban drug production facilities upgrade.

Cuba’s government and media are yet to respond to the loan. The United Nations Development Program will oversee the process.

This bank is one of few multilateral lenders to which Cuba is part, partly because it is supported by South Korea, Taiwan and Taiwan. This organization doesn’t include the United States. The United States has been imposing embargos and sanctions against Cuba for many decades. These have made it difficult for Cuba to participate with major lenders around the world.

Economy Minister Alejandro Gil in a year-end report to the Cuban parliament said plans called for pharmaceutical exports to reach $275 million this year, “increasing by $162 million mainly due to vaccine exports.”

Cuba asserts that it is capable of producing 100 million doses each year.

Already, the country donated and sold them to Nicaragua and Venezuela. Iran is another all-allied and started producing Soberana-02 last January. Vietnam also stated it will manufacture Abdala, the Cuban-based vaccination.

($1 = 0.8800 euro)