Panama Can Access up to $300 Million in Financing and Receive $500,000 Grant from IDB for Earthquake Response

Resources are available to support humanitarian assistance, damage assessments, and the Government’s priority response spending

PANAMA CITY — Panama will be able to access financing of up to US$300 million from the Inter-American Development Bank Group (IDB Group) in response to the October 9 earthquake. In addition, up to US$500,000 in non-reimbursable resources is available to address the most urgent needs of the affected population.

The US$300 million support comes from the Contingent Credit Facility for Natural Disaster and Public Health Emergencies that Panama has with the IDB, which includes coverage for earthquakes. The non-reimbursable resources are provided through an emergency technical cooperation grant and may be used for humanitarian assistance to affected communities; damage and loss assessments; and recovery needs analyses to help guide government decision-making.

“The IDB Group stands with the people of Panama during this difficult time. These resources will enable the Government to quickly assist affected families and plan for recovery. We will continue working hand in hand with the authorities throughout every stage of the response,” said IDB Group President Ilan Goldfajn.

Together, these instruments enable the IDB Group to support Panama throughout all phases of the disaster: the immediate response, humanitarian and technical assistance, and medium-term recovery and reconstruction, in line with the commitment of the Ready and Resilient in the Americas regional program to strengthen the region’s resilience to disasters.