The lnter-American Development Bank (IDB) has approved a $100 million loan and $6.12 million grant designed to make the city of Barranquilla a more equitable and sustainable place.
This operation aims to promote sustainable use of strategic ecosystems, increase equitable access to public spaces with a focus on social inclusion, and help integrate migrants and vulnerable groups.
To promote sustainable use of strategic ecosystems, the program will build environmental protection barriers to stabilize the coastline and slow mangrove deforestation. The loan’s funds will also be used to create new parks, designed in tandem with the community, and restore recreation areas. The operation aims to build a more equitable city that gives migrants and vulnerable people in Barranquilla access to social services and includes them in the economy.
Barranquilla is the fourth most populous city in Colombia and plays a key role in internationalizing the country’s economy. As it grows, the city needs good planning and sustainable investment over the long term in order to navigate the difficulties of climate change.
The municipality is also the fourth largest recipient of immigrants in the country, creating challenges for social integration and the economy.
Because of its universal scope, the program will directly benefit all 1,243,000 inhabitants of Barranquilla. Its actions to reclaim public spaces will encompass 138 parks, squares, and green areas in the city, generating a significant positive impact for citizens. Additionally, an estimated 19,000 people will benefit from the initiatives to support immigrants and their host communities.
The IDB loan has a 24.5 year repayment period, a 5.5 year grace period, and an interest rate based on the Secured Overnight Financing Rate (SOFR).
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public- and private-sector clients throughout the region.
Salgado Derqui, Javier Jose
Extl Affairs - Commun Consultant
Urban BiodiverCity and Equity Program in Barranquilla