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IDB Approves $500 Million to Support Women and Diverse Populations in Colombia

The Inter-American Development Bank (IDB) approved a $500 million loan to strengthen equality and equity policies aimed at women and diverse populations in Colombia. This is the first IDB loan to Colombia that includes policies aimed at equality for women and the LGBTIQ+ population and that contributes to closing gaps for indigenous peoples, Afro-descendants, and migrants.

The program has been designed in coordination between the IDB and the KfW Development Bank to articulate additional support for the policy objectives of the initiative. This is the first of two operations financed under the Programmatic Policy-based Loan (PBP) modality.

In Colombia in 2021, every 50 minutes, a woman was a victim of domestic violence, and every 28 minutes, a woman suffered sexual violence. This loan supports the consolidation and implementation of the National System for Registration, Attention, Follow-up, and Monitoring of Gender-Based Violence to integrate the lines of attention and reach the territories with the greatest social and economic gaps. In addition, it will improve the quality of care and reduce barriers to access to health and justice services, among others.

The operation, which was approved by the IDB's Board of Executive Directors, will also support policy measures to mainstream gender and sexual diversity approaches for equity for women and the LGBTIQ+ population. Among others, it seeks to support an inter-institutional coordination mechanism between 25 entities for the prevention and comprehensive care of violence and acts of discrimination against the LGBTIQ+ population in coordination with the National System for Monitoring Gender-Based Violence. In addition, it will include policy measures that support implementation to prevent, address, and monitor cases associated with human trafficking and migrant smuggling in Colombia.

The unequal distribution of unpaid care work is another source of inequality. Women assume the greatest responsibility for care, so the lack of services is a barrier to their economic autonomy. This project aims to support the National Care System, which will benefit 4.7 million children and 625,000 older adults and people with disabilities who require care support, and the 3.6 million people, most women, who dedicate more than seven hours a day of unpaid care activities. It will also benefit approximately 2.1 million paid care workers.

The IDB loan of $500 million has a disbursement period of one year, a grace period of 6 years, a repayment period of 19 years, and an interest rate based on 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. Take our virtual tour.

Contacts

Planes,Maria Soledad

Planes,Maria Soledad

Cavelier,Andres

Cavelier,Andres
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