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Add to Preferred SourcesNew UK aid package through the World Bank will enable the Government of Colombia to access low-interest loans.
A new UK aid package will help Colombia host over a million Venezuelans forced to flee their homes because of their country’s ongoing economic crisis.
UK aid, through the World Bank, will enable the Government of Colombia to access low-interest loans. These will generate growth in sectors with low carbon emissions, give access to jobs and improve essential services such as health and education.
The support will help the Venezuelan migrants and refugees it is currently supporting, and enable Colombia to boost its own economic stability and growth.
This builds on the close bilateral relationship between Colombia and the UK, with Colombia an important partner for trade and stability in the region.
The UK is already one of the largest donors to the Venezuelan economic crisis, providing emergency aid to malnourished children in Venezuela, as well as vaccinations and clean water to its most vulnerable communities.
This UK aid support will allow the World Bank to provide low-interest loans to the Government of Colombia to:
- build economic stability and increase the Government of Colombia’s ability to invest in crucial public infrastructure and services;
- bolster growth and productivity by increasing trade, innovation, and activity in sectors with low carbon emissions; and
- improve access for Venezuelans and Colombians to jobs and basic services, such as health and education.
The Global Concessional Financing Fund (GCFF) was launched in 2016 by the World Bank, the United Nations and the Islamic Development Bank as a global platform to provide concessional funding to middle-income countries, which are hosting large numbers of refugees. The UK has previously supported the World Bank to provide loans of this kind to build stability in the Middle East, boosting the economic resilience of Jordan, which is home to many people displaced by the Syria conflict.
Original source: DFID
Published on 30 April 2019