IDB Invest is considering a US$10 million senior loan facility to Portland Caribbean Fund II (“PCF II” or the “Fund”) to provide support for its portfolio companies impacted by the COVID-19 crisis (the “Facility”). The Facility will have a 3.5-year life to coincide with the remaining life of the Fund. PCF II is a 2014 vintage private equity fund, concentrating on growth equity in the Caribbean. IDB Invest is an existing limited partner in the Fund. The Fund has been fully invested in 10 investments diversified across several industries and countries in the region. The severe economic impact of the pandemic on these largely tourism and commodity dependent economies has decimated traditional funding sources. The proceeds of this senior facility will be used to cover working capital needs due to reduced economic activity, finance capital expenditure required to conform to new regulations associated with physical distancing protocols, provide funding for the restart of operations post-pandemic, and improve sustainability and resiliency in the region. The Facility will serve to defend value built in the Fund’s portfolio, and indirectly protect the approximately 20,000 employees of the Fund’s portfolio companies.