The Inter-American Development Bank (IDB) approved a loan for $46 million to reduce educational lags and inequities and improve coverage in Colombia. 

The new program, which will be carried out by Colombia’s Ministry of Education, will modernize management of educational institutions, implement programs of citizenship skills in basic education, and modernize the provision of technical and technological education. 

"With this program, the IDB is supporting the Colombian government in its efforts to improve both coverage and quality in education, with a strong emphasis on equity," said Hugo Ñopo, IDB project team leader. 

The project aims to help 4,200 educational institutions manage their resources using administrative and financial systems to improve operational efficiency. Through the program, more than a thousand educational institutions will improve the capacity of citizens to work more effectively in society. In addition, the program will provide some 60,000 new students with access to professional technical education and technology to help improve their employability. 

The program will introduce mechanisms to make funds available to local jurisdictions on a competitive basis, focusing on municipalities identified by the Colombian government as having unmet basic needs. 

The loan was granted for 25 years with a grace period of three years and a variable interest rate based on LIBOR.