Colombia to invest US$3.2bn in 4G projects this year

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Thursday, February 16, 2017

Investments in Colombia's 4G highway program will reach 9.2tn pesos (US$3.2bn) this year, as part of the government's plans to boost GDP growth.

In a public statement, finance minister Mauricio Cárdenas said that the amount of money to be spent on the 4G projects this year is nearly double the 4.8tn pesos invested in 2016. Meanwhile, tertiary roads will get 1.6tn pesos (US$558mn), according to a report in local magazine Dinero.

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With the investments in the 4G highways, the government expects to create over 310,000 new jobs this year and add 0.4 percentage points to GDP growth.

The increased spending comes as part of the new "Colombia Repunta" plan announced by the finance ministry, which is expects to add 1.3 points to GDP growth and create some 750,000 new jobs this year, thanks to stimulation of the private sector and increased investment, partly thanks to the effects of the tax reform.