Venture capital bill moves forward in Colombia

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Thursday, December 7, 2017

Colombian lawmakers have advanced a bill designed to help new businesses get started.

The draft legislation, approved by the lower house's third committee, contains measures to expand the country's venture capital market and support entrepreneurs.

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Lawmaker Jack Housni said the bill will help an "employee become an employer and the country achieve sustained, and sustainable, economic growth."

The lower house, in a statement, said the bill address issues in areas including financing, bureaucracy and registration costs, regulations, and tax relief.

The bill now goes to the full lower house for debate.

Legislators are working to stimulate job creation as the OECD forecasts the Colombian economy, hit by a three-and-a-half year dip in oil prices, will expand 1.7% this year, down from its previous projection of 2.2%.

The OECD also cited 2016 tax reforms and Colombia's unemployment rate of 9.2% as factors hampering growth prospects.