EIB to open Colombia office

The European Investment Bank (EIB) will open an office in Colombian capital Bogotá next year, said President Iván Duque.

The announcement comes following a meeting in Brussels between Duque and EIB chief Werner Hoyer.

"It will be participating actively in the financing of projects that are transformational in nature for our country, including the Bogotá metro, in which they have shown great interest financially," Duque (pictured) said in a statement issued by his office.

EIB and Colombian officials also discussed ways of working together to provide credit lines through local development banks Banco Agrario and Bancoldex, the statement said.

This year EIB said it wanted to expand its operations in Latin America and issue around US$1bn in loans in the region.

EIB has already agreed to provide US$480mn in financing to help cover the US$4.4bn price tag of Bogotá's metro system - the country's first.

Rebounding oil prices and a pro-market reform agenda will underpin an ongoing economic recovery in Colombia despite looming capital flow risks, according to a report by the Institute of International Finance.