World Bank allocates a USD700 million loan to Colombia

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He World Bank approved a new loan for USD700 million to Colombia to support the response of the national government to the development of the pandemic by COVID-19 in the country.

“We work quickly so that Colombia can count on the resources it needs in these difficult times for all, especially for the most vulnerable”Said Ulrich Zachau, director of the World Bank for Colombia and Venezuela. The German-born manager pointed out that this operation is expected to mitigate the impact of COVID-19 on health, the economy and the lives of Colombian families.

He Ministry of Finance and the National Planning Department will be responsible for the coordination and implementation of these resources, which They will be used to strengthen the country’s health network, provide nutritional income and markets to poor and vulnerable households, and maintain liquidity and access to financing for companies..

Specifically, among the incentives to the health system, These credits will generate a budgetary space to finance essential health services for patients with the COVID-19. In addition, they will also be enabled to facilitate the implementation of biosafety protocols to support the safe reactivation of key economic sectors.

At the same time, a percentage of these resources will go toExpansion of the database of social programs This will allow an increase in the number of families that receive monetary support and school meals.

Finally, another percentage of the millionaire loan is directed to the expansion of guarantees, liquidity and lines of credit for companies in the country in order to subsist and protect the jobs they generate.

With the approval of these resources, the World Bank’s commitments to the country reached a total of USD1,250 million in the first six months of the yearor. To this figure are added the USD250 million previously disbursed to mitigate the pandemic emergency.

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