World Bank Provides US$750 Million Loan to Colombia to Guarantee Access to Basic Infrastructure
Washington: The World Bank Board of Directors today approved a US$750 million loan to Colombia to guarantee that the most vulnerable households and companies in the country have continued access to basic infrastructure services, and to promote resilient and sustainable infrastructure development in response to the COVID-19 crisis.
“This operation is of great importance for financing the National General Budget for 2021. With it, the World Bank is accompanying us in the second phase of the most relevant efforts that we have launched for the reactivation of our economy, specifically in terms of resilient and sustainable infrastructure,” said Luis Alberto Rodríguez, General Director of the National Planning Department.
The first phase of the program began in 2020, supported by a US$500 million loan from the World Bank. This second phase will focus on closing the energy, transportation, and digital development infrastructure gaps. It will also support reforms aimed at maintaining access to private financing for long-term infrastructure development.
“We hope that this program will accelerate the transition to cleaner and more resilient energy and transportation systems for the benefit of all Colombians and the environment. We also hope that access to digital infrastructure in rural areas will be improved, which will reduce inequalities,” said Ulrich Zachau, World Bank Director for Colombia and Venezuela. “We also hope that these reforms will stimulate economic growth, social inclusion, and job creation, and contribute to the reactivation of the economy after the crisis caused by the pandemic.”
The Ministry of Finance and Public Credit, the Ministry of Mines and Energy, the Ministry of Transportation, the Ministry of Information Technologies and Communications, and the National Planning Department will be responsible for the coordination and implementation of this project.