Colombia approves US$570mn financing for projects

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Wednesday, December 6, 2017

Colombia's inter-parliamentary public credit committee has approved financing of up to US$570mn, most of which will help bankroll infrastructure and sustainability projects.

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A sovereign guarantee of up to 320bn pesos (US$106mn) was also granted for energy projects on the Caribbean coast, the presidential palace said on Wednesday.

The largest loan, a US$500mn credit facility with the International Bank for Reconstruction and Development, will be used to meet targets outlined in the 2015 Paris climate accord. Projects include forest protection initiatives, new bicycle networks and other measures to improve air quality.

In addition, the Inter-American Development Bank (IDB) committed US$70mn for the modernization of the public prosecutor's office and the reconstruction of Mocoa in southwest Colombia, which was devastated by flooding and landslides in March and April (pictured).

The sovereign guarantee will allow public utilities regulator Superservicios to oversee electricity distribution works in the departments of Atlántico, Bolívar, Cesar, Córdoba, Guajira, Magdalena and Sucre, the presidential palace added.