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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Tuesday, November 30, 2021, Vol. 22, No. 233

                           Headlines



A R G E N T I N A

ARGENTINA: Economy Beats Forecast Despite Political Woes
ARGENTINA: To OK Economic Plan w/ IMF Before Sending it to Congress


B R A Z I L

BRAZIL: Sergipe to Strengthen Fiscal Management w/ $27.9M IDB Loan


C H I L E

LATAM AIRLINES: Reaches Bankruptcy Deal to Hand Reins to Creditors


C O L O M B I A

AVIANCA GROUP: S&P Assigns B- Issuer Credit Rating, Outlook Stable


J A M A I C A

BERGER PAINTS: Sees Decline in Profit for July to Sept Quarter


P E R U

AUNA SAA: S&P Affirms 'B+' LT Issuer Credit Rating, Outlook Stable


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Gov't. Should Expand Safe Zones, Says BOATT


X X X X X X X X

CARIBBEAN: Gets IDB Support to Enhance Region's Climate Resilience

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Economy Beats Forecast Despite Political Woes
--------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that
Argentina's economy expanded more than expected in September as
tourism, manufacturing and construction picked up, offsetting
political volatility that followed the government's defeat in
primary elections.

Economic activity rose 1.2% from the previous month, double the
median estimate of economists in a Bloomberg survey, the report
relays.  From a year ago, growth slowed to 11.6%, according to
government data, the report notes.

The government's loss in the Sept. 12 primary vote sparked
political uncertainty that is hurting business confidence as
President Alberto Fernandez resorts to additional unorthodox
economic measures, including price freezes, to rein in inflation,
the report discloses.

The government lost the final midterm vote on Nov. 14 by a narrower
margin, according to globalinsolvency.com.  

The sector of hotels and restaurants jumped 59% in September from a
year ago as the economy gradually reopens and the pace of
vaccinations improve, the report relays.

Construction expanded 27%, while manufacturing and mining grew 11%
and 16%, respectively, the report relays.  It was the fourth
straight month that overall activity expanded, the report adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.



ARGENTINA: To OK Economic Plan w/ IMF Before Sending it to Congress
-------------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Argentina's
government plans to agree on its new multiyear economic plan with
International Monetary Fund staff before sending the proposal to
Congress, Economy Minister Martin Guzman said on local radio.

"First, we will seek to reach an agreement with IMF staff, and then
it will be sent to Congress for ratification," the minister said in
comments to local station Radio Con Vos. Earlier in the day, a
government source, who asked not to be named, outlined the same
plans in an interview with Reuters, the report notes.

The relates that IMF did not respond to a request for comment.

After getting walloped in a recent midterm congressional election,
the administration of President Alberto Fernandez is facing
political headwinds as average Argentines struggle with high
poverty rates and inflation of more than 50% a year that has gutted
their spending power, the report discloses.  Guzman told the radio
interviewer that no abrupt devaluation of the local peso currency
was being planned, despite rampant market speculation to the
contrary as the local peso has weakened 20.4% over the last 12
months, the report says.

The Argentine government would also like to resolve the rollover of
$45 billion in outstanding debt owed to the IMF this year, Guzman
added, the report relates.

                        About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.




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B R A Z I L
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BRAZIL: Sergipe to Strengthen Fiscal Management w/ $27.9M IDB Loan
------------------------------------------------------------------
The Brazilian state of Sergipe will strengthen its fiscal
management to improve fiscal sustainability with a $27.9 million
loan from the Inter-American Development Bank (IDB).

The project will finance measures to modernize fiscal and public
spending management as well as improve tax administration.

Financing is part of the $900 million PROFISCO II program approved
in 2017 to support digital transformation and modernization of
fiscal management in Brazil's states and Federal District. The
project supports the IDB's Vision 2025 strategy, which aims to
strengthen good governance and digitalization of institutions to
speed up post-pandemic economic recovery and foster sustainable and
inclusive growth among the Bank's member countries.

In terms of fiscal management, the project will promote better
integration between strategic planning and budget management, as
well as the adoption of a results-based system. It will also
finance measures to strengthen human resources management and the
integration of the procurement and contracting system with the
Sergipe State Finance Department's budgeting and financing system.


The IDB loan will also help modernize the secretariat's
technological infrastructure and finance initiatives to boost
fiscal transparency, including the creation of web-based tools to
improve interaction with society and a unified transparency
portal.

The project will leverage the use of digital technologies and data
analytics to boost tax collection efficiency, increase revenue, and
simplify tax compliance. Additionally, it will finance measures to
improve the analysis of tax gaps and tax collection potential;
strengthen the fiscal benefits oversight system; and create a web
platform for taxpayers to consult tax legislation with answers
powered by artificial intelligence. The initiative will help
implement a risk-based management model and the  digitalization of
administrative processes in fiscal disputes.

Lastly, the project will support measures to increase the
efficiency of spending quality and financial planning and
execution, including adopting electronic systems to manage
expenses, judicial rulings on tax claims, and accounting, with a
special focus on real estate. The loan will also help improve cost
and public debt management processes.

The IDB loan has a 25-year repayment term, a 5.5-year grace period,
and an interest rate based on LIBOR.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).




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C H I L E
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LATAM AIRLINES: Reaches Bankruptcy Deal to Hand Reins to Creditors
------------------------------------------------------------------
LATAM Airlines Group S.A. (SSE: LTM) and its affiliates in Brazil,
Chile, Colombia, Ecuador, Peru, and the United States on Nov. 26,
2021, announced the filing of a Plan of Reorganization, which
reflects the path forward for the group to exit Chapter 11 in
compliance with both U.S. and Chilean law.

The Plan is accompanied by a Restructuring Support Agreement (the
"RSA") with the Parent Ad Hoc Group, which is the largest unsecured
creditor group in these Chapter 11 cases, and certain of LATAM's
shareholders.  The RSA documents the agreement between LATAM, the
aforementioned holders of more than 70% of parent unsecured claims
and holders of approximately 48% of 2024 and 2026 U.S. Notes, and
certain shareholders holding more than 50% of common equity,
subject to the execution of definitive documentation by the parties
and the obtaining of corporate approvals by those shareholders.  As
they have throughout the process, all of the companies in the group
are continuing to operate as travel conditions and demand permit.

"The last two years have been characterized by hardship across the
globe" we have lost friends and family, colleagues and loved
ones. And we have reeled as global aviation and travel were brought
to a virtual standstill by the largest crisis to ever face our
industry.  While our process is not yet over, we have reached a
critical milestone in the path to a stronger financial future,"
said Roberto Alvo, Chief Executive Officer of LATAM Airlines Group
S.A.  "We are grateful to the parties who have come to the table
through a robust mediation process to reach this outcome, which
provides meaningful consideration to all stakeholders and a
structure that adheres to both U.S. and Chilean law. Their infusion
of significant new capital into our business is a testament to
their support and belief in our long-term prospects. We are
thankful for the exceptional team at LATAM that has weathered the
uncertainty of the past two years and enabled our business to keep
operating and serving our customers as seamlessly as possible."

                          Plan Overview

The Plan proposes the infusion of $8.19 billion into the group
through a mix of new equity, convertible notes, and debt, which
will enable the group to exit Chapter 11 with appropriate
capitalization to effectuate its business plan. Upon emergence,
LATAM is expected to have total debt of approximately $7.26 billion
and liquidity of approximately $2.67 billion. The group has
determined that this is a conservative debt load and appropriate
liquidity in a period of continued uncertainty for global aviation
and will better position the group going forward.

Specifically, the Plan outlines that:

    * Upon confirmation of the Plan, the group intends to launch an
$800 million common equity rights offering, open to all
shareholders of LATAM in accordance with their preemptive rights
under applicable Chilean law, and fully backstopped by the parties
participating in the RSA, subject to the execution of definitive
documentation and, with respect to the backstopping shareholders,
receipt of corporate approvals;

    * Three distinct classes of convertible notes will be issued by
LATAM, all of which will be preemptively offered to shareholders of
LATAM. To the extent not subscribed by LATAM's shareholders during
the respective preemptive rights period:

      -- Convertible Notes Class A will be provided to certain
general unsecured creditors of LATAM parent in settlement (dacion
en pago) of their allowed claims under the Plan;

      -- Convertible Notes Class B will be subscribed and purchased
by the above referenced shareholders; and

      -- Convertible Notes Class C will be provided to certain
general unsecured creditors in exchange for a combination of new
money to LATAM and the settlement of their claims, subject to
certain limitations and holdbacks by backstopping parties.

      The convertible notes belonging to the Convertible Classes B
and C will therefore be provided, totally or partially, in
consideration of a new money contribution for the aggregate amount
of approximately $4.64 billion fully backstopped by the parties to
the RSA, subject to receipt by the backstopping shareholders of
corporate approvals;

    * LATAM will raise a $500 million new revolving credit facility
and approximately $2.25 billion in total new money debt financing,
consisting of either a new term loan or new bonds; and

    * The group also used and intends to use the Chapter 11 process
to refinance or amend the group's prepetition leases, revolving
credit facility, and spare engine facility.

The hearing to approve the adequacy of the Chapter 11 Disclosure
Statement and approve voting procedures is expected to be held in
January 2022, with specific timing dependent on the Court's
calendar. If the Disclosure Statement is approved, the group will
commence solicitation during which it will seek approval of the
Plan from creditors. LATAM is requesting the hearing to confirm the
Plan be held in March 2022.

                   About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.




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C O L O M B I A
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AVIANCA GROUP: S&P Assigns B- Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
On Nov. 26, 2021, S&P Global Ratings assigned its 'B-' issuer
credit rating to Avianca Group International Ltd. and Avianca MidCo
2. S&P also assigned its 'B' issue-level rating to the proposed
secured exit notes, one notch above the issuer credit rating, given
its recovery rating of '2' reflecting its expectation for
substantial recovery (70%-90%; rounded estimate: 85%) in the event
of a payment default.

S&P said, "We subsequently withdrew our 'D' issuer and issue credit
level ratings on Avianca Holdings S.A., at the company's request.

"In addition, we affirmed our 'B-' issuer and issue-level ratings
on LifeMiles Ltd. based on its highly strategic group status to the
new holding company.

"The stable outlook on Avianca Group reflects our view that its
proposed business and financial reorganization plan will be
centered on improving profitability, as well as maintaining a more
cautious capex intensity and debt structure. We expect the company
to post debt to EBITDA ratios above 5.0x during the next 12-18
months, while passenger traffic recovers and the company
strengthens its market share under its new business model."

Former Avianca Holdings S.A., a Colombian air transportation
service provider, plans to emerge from Chapter 11 under a new
holding company, Avianca Group International Ltd. (Avianca Group),
with a new capital structure.

Upon emergence, Avianca Group will focus on increasing its
point-to-point operation, while implementing a lean cost structure.
This business model is proven by other industry peers to offer high
profitability margins and captures higher levels of passengers when
economic conditions are under pressure. S&P expects Avianca Group
to continue benefiting from its predominant presence in Colombia
and El Salvador, through which it offers a highly diversified
portfolio of routes to North, Central, and South America, as well
as some cities in Europe. In response to an expected drop in
business passenger traffic, the group has redesigned its route and
frequency model to focus more on leisure destinations. In addition,
the company will remain part of the Star Alliance, increasing its
indirect international presence.

To achieve its profitability target, the proposed cost structure
will allow Avianca Group to maintain less stringent fixed
contracts, aligning operating cash outflow with operating volume.
S&P said, "We expect the company to reduce exposure to workforce,
maintenance, aircraft leases, and other operating costs that had
historically weighed on Avianca Group. We believe that this,
together with the focus on a lean cost structure, will allow for
significant increases in profitability margins toward 17.0% in
2022. Avianca Group will also cut its fleet by approximately 30
units (which represents about 20% lower fleet) and will operate
under a less intensive fleet delivery schedule to protect cash. The
company will now focus 90.0% of its total fleet on narrow-body
aircraft specialized in point-to-point routes across Colombia and
El Salvador, which we consider to be cost efficient. The remaining
10.0% will be focused on long-haul routes, including Europe."

Upon emergence from Chapter 11 proceedings, Avianca MidCo 2, a
fully owned subsidiary of Avianca Group, will issue a proposed $1.6
billion in secured exit financing with a fixed 9.0% interest rate
and an expected maturity in 2028. Moreover, the remaining $800
million in exit debt will be composed of its secured revolving
credit facility, credit card securitization facility, engine
financing, and corporate debt, as well as $400 million from
LifeMiles' Term Loan B.




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J A M A I C A
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BERGER PAINTS: Sees Decline in Profit for July to Sept Quarter
--------------------------------------------------------------
RJR News reports that Berger Paints Jamaica ended the July to
September quarter with a decline in profit.

Post-tax earnings amounted to $27.5 million, down from $42.8
million during the same period in 2020, according to RJR News.

However, Berger Paints recorded a 21 per cent uptick in revenue
which totaled $695 million, the report relays.

During the same period last year, the company earned $574 million,
the report notes.

Berger says it is optimistic about the prospects for growth during
the current quarter as COVID-19 measures continue to ease, and
construction and renovation activities pick-up, the report adds.




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P E R U
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AUNA SAA: S&P Affirms 'B+' LT Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
On Nov. 26, 2021, S&P Global Ratings affirmed its 'B+' long-term
issuer credit and issue-level ratings on Peruvian private
healthcare service provider Auna S.A.A. (Auna).

S&P said, "The stable outlook reflects our expectation that Auna's
gross leverage will return below 5.0x by year-end 2022, spurred by
better business conditions, its growth strategy, and profit margin
improvement; and the company will maintain a prudent financial
policy related to the use of debt.

"Auna's business performance is improving rapidly, after a
difficult 2020 caused by the pandemic. We think Auna is well
positioned to capture pent-up demand, with patients returning to
healthcare facilities now that mobility restrictions have eased and
COVID-19 protocols have been well established to reduce contagion
risk. In our view, Auna's leading market share and strong
reputation in the Peruvian and Colombian private healthcare markets
will allow the company to accelerate the recovery in occupancy
rates at its healthcare service networks, and to increase the
number of affiliates at its Oncosalud segment.

"We also expect that the investments carried out throughout
2020-2022 will further accelerate Auna's revenue growth prospects
over the next 12-18 months. Among the most notable are the
acquisition of the Portoazul clinic in Barranquilla, in September
2020; the inauguration of its Guardia Civil laboratory in Peru, in
the second quarter of 2021; the new Chiclayo hospital in Northern
Peru, in September 2021; the completion of the expansion project at
the Vallesur Clinic in Peru, in the fourth quarter of 2021; and the
opening of the new Clisur clinic in Colombia and a preventive
oncology wellness center in Peru, in the first quarter of 2022. For
2021 and 2022, we expect Auna will have revenues close to Peruvian
nuevo sol (PEN) 1.9 billion and PEN2.2 billion, respectively,
compared with PEN1.4 billion in 2020."




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Gov't. Should Expand Safe Zones, Says BOATT
--------------------------------------------------------------
Trinidad Express reports that with positive Covid-19 cases
increasing daily, the Barkeepers and Operators Association of
Trinidad and Tobago (BOATT) is calling for an expansion of the safe
zone initiative to all non-essential retail businesses and the
entertainment sector.

BOATT president Sateesh Moonasar said, that since the start of the
initiative on October 11th, no Covid-19 cluster has been linked to
a safe zone establishment, with about 95 per cent of participating
businesses following the prescribed guidelines, according to
Trinidad Express.

Moonasar indicated that the association is concerned about the
ongoing increase in Covid cases, together with the low vaccination
rate and the unwarranted and unjustified negativity towards
vaccination, the report notes.

"The only way citizens and businesses can resume and return to some
semblance of normalcy is with vaccination.  That is the only way
out of this doldrum that we are in presently. The Government has
done its part by providing the population with easy access to four
different brands of WHO-approved vaccines and now needs to make the
final tough decision that is inevitable," he said, the report
relays.

Moonasar noted while vaccination in the country remains voluntary,
together with the government policy that links vaccination levels
with the reopening of different business sectors and recreational
activities, the individual choices of the unvaccinated are denying
the entire population the right to earn an income and enjoy what
life has to offer, the report discloses.

"This practice should not be condoned nor encouraged, the choice to
be unvaccinated amongst the population is the only reason
businesses and individuals are not allowed to function as they
should and are hindered from continuing with their regular
routines," the report says.

He further stated lockdowns and severe restrictions should be a
thing of the past as the world is moving forward and adapting to
live with virus whilst balancing lives and livelihoods, the report
relates.  As such, the association sees absolutely no reason why
this country must be held back by the decisions of people who are
hell-bent on causing disruption, the report notes.

"Once persons are given the right of choice, with choice comes
consequences and citizens of this country should not be denied the
right to earn and income and live their normal life based on the
decisions of another.  Trinidad and Tobago cannot afford to lose
the battle against this dreaded virus, we must have a collaborated
effort, with robust and decisive decision making, led by government
and supported by the business community," Moonasar explained, the
report discloses.

He added BOATT is willing to work with and support all stakeholders
and business entities who share nation building goals, ideas, and
initiatives, we can only achieve this by teamwork, proper
consultation, and an unbiased equitable decision-making process,
the report adds.




===============
X X X X X X X X
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CARIBBEAN: Gets IDB Support to Enhance Region's Climate Resilience
------------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $50
million Global Credit Loan (GCL) to the Caribbean Development Bank
(CDB) for a program to enhance the resilience of its eligible
Organization of Eastern Caribbean States (OECS) member countries to
disasters and climate change.

The program will enhance the disaster resilience of infrastructure
and foster disaster-resilient growth for micro, small, and
medium-sized enterprises (MSMEs). CDB will re-lend the resources to
finance eligible OECS member countries: Antigua and Barbuda,
Commonwealth of Dominica, Grenada, Saint Kitts and Nevis, Saint
Lucia and Saint Vincent, and the Grenadines.

The initiative will identify critical disaster and climate change
risks to roads and water and sanitation systems and design and
implement a combination of measures to reduce the vulnerability of
these systems, contributing to their resilience and ensuring the
continuity of essential services during emergencies.

In addition, the loan will finance investments to boost
productivity and reduce disaster and climate change risk in MSMEs,
channeling resources from CDB to the eligible OECS Member Countries
or eligible Development Financial Institutions (DFI). The sub-loans
will require a disaster and climate change risk assessment,
ensuring that their design considers resilience.

Measures to strengthen resilience may include capital investments,
disaster risk assessments, business continuity plans, feasibility
studies, and other technical assistance required to formulate each
sub-loan. This operation is aligned with Vision 2025 - Reinvesting
in the Americas: A Decade of Opportunities, created by the IDB to
achieve recovery and inclusive growth in Latin America and the
Caribbean in the areas of climate change and productivity, two of
the Bank's main priorities. It also promotes IDB's "Build Forward"
initiative, a sub-regional strategy under Vision 2025 which
emphasizes the pursuit of smart and resilient transformative
investments for the Caribbean.

The IDB loan of $50 million has a 23.5-year repayment term, a
seven-year grace period, and an interest rate based on LIBOR.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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.


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