People wearing masks walk in the central plaza of San Gregorio Atlapulco in the Xochimilco district of Mexico City, July 22, 2020. (REBECCA BLACKWELL / AP)

The Chinese government has committed to provide a US$1 billion loan to Latin American and Caribbean countries to facilitate access to a prospective vaccine, as it steps up its support for the global response to COVID-19.

State Councilor and Foreign Minister Wang Yi announced the loan during a virtual meeting on Thursday with foreign ministers from the region.

"The Chinese foreign minister stressed that the vaccine developed in his country will be a public good with universal access, and that his country will allocate a loan of US$1 billion to support the access of the nations of the region to the antidote," the Mexican government said in a statement. Mexico's Foreign Minister Marcelo Ebrard attended the virtual meeting along with others from Argentina, Barbados, Chile, Colombia, Costa Rica, Cuba, the Dominican Republic, Ecuador, Panama, Peru, Trinidad and Tobago, and Uruguay.

The Chinese foreign minister stressed that the vaccine developed in his country will be a public good with universal access, and that his country will allocate a loan of US$1 billion to support the access of the nations of the region to the antidote.

Statement by the Mexican government

"We should promote China-Latin America cooperation while maintaining ongoing epidemic prevention and control, and give priority to resuming work and production, stabilizing employment and ensuring people's livelihoods," Chinese Foreign Ministry spokesman Wang Wenbin said during a regular news conference in Beijing on Friday.

Teams in China are among others around the world racing to find a vaccine against COVID-19, but the loan China has offered will not necessarily have to be spent on a Chinese vaccine if others become available earlier.

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"The loan is not attached to a vaccine made in China. As long as a mass immunization program is implemented, the vaccine can be from any country," Juvenal Infante, director of the Center for Asia-Pacific Studies at the Sergio Arboleda University, in Bogota, Colombia, said in interview.

"The nationality of the vaccine is not being discussed. What is important here is that the governments from Latin America and the Caribbean will have enough resources to conduct mass vaccination campaigns, when the time comes," he added.

As the worldwide case count passed 16 million, Latin America and the Caribbean had recorded more than 4.3 million infections as of Monday, according to a tally kept by Johns Hopkins University.

60th anniversary

This year is a particularly significant one for China and the Latin American and Caribbean countries as it marks the 60th anniversary of the establishment of diplomatic relations between the two sides.

China's goal is to strengthen links with the region. And the country "remains unchanged in its determination to advance China-Latin America relations from a strategic and long-term perspective, resolving to deepen China-Latin America solidarity and cooperation for common development and aspiring to promote South-South cooperation and improve global governance," Wang said.

As part of its cooperation with countries in the region to fight COVID-19, China has shipped millions of dollars worth of medical equipment such as ventilators, personal protection equipment and supplies as well as expertise.

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Commenting on Beijing's initiatives, Juan Pablo Glasinovic, a lawyer and professor of international relations in Santiago, Chile's capital, said the announcement of a loan of US$1 billion to enable Latin American countries to access the vaccine constitutes an important milestone for China to strengthen its cooperation with Latin American and Caribbean countries.

"The importance of economic ties must be complemented by greater interaction in all other fields. The announcement of potential access to the vaccine is certainly a step in that direction," he said.

A joint statement by China and countries in the region that took part in the virtual meeting suggested the relationships are improving.

"Since the start of COVID-19, China and Latin American and Caribbean countries have effectively worked together to contain COVID-19, guided by a deep friendship and spirit of cooperation in trying times," the statement said.

"The Latin American and Caribbean side acknowledges that China has acted decisively to contain COVID-19 and made positive progress, and appreciates China's cooperation and strong support."

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Infante of Sergio Arboleda University also said the loan represented another show of support from China and he believed China will step up if more funding is needed.

For his part, Wang highlighted that the relationship between China and Latin America and the Caribbean would continue to strengthen.

"The fruitful outcomes of this meeting have once again proved that the China-Latin America relationship, after 60 years of development, has withstood winds and waves," he said.

"It will not be backpedaled or reversed amid temporary difficulties, but will emerge stronger with vitality in joint response to challenges."

The writer is a freelance journalist for China Daily.