Resources will be invested in urban infrastructure and social services and strengthening local management
The Inter-American Development Bank (IDB) has announced the approval of a conditional credit line for investment projects (CCLIP) of $600 million for Colombia to support state investments in sub-national governments.
In recent years Barranquilla, the fourth largest Colombian city by population, has achieved important advances in programs that have expanded social services and infrastructure. Now it seeks to reinforce its administration so that it can promote an effective public administration and modernize its urban development.
The IDB resources, which will be channeled through Financial Institution for Development (FINDETER in Spanish), will help to improve the fiscal revenues of the provinces and cities that participate in the program, as well as financing social and infrastructure projects, to improve the quality of life of residents and promote economic competitiveness.
The first loan under the CCLIP, for $100 million, was approved for a period of 20 years, with a grace period of five years and an interest rate based on LIBOR.