EIB reiterates its support for projects fostering sustainable growth in Colombia

26 November 2018

EIB reiterates its support for projects fostering sustainable growth in Colombia

The European Investment Bank (EIB) is conducting an official visit to Colombia. The EU bank delegation led by Vice-President Emma Navarro will be holding various meetings in Bogotá with the aim of strengthening its partnership with the Colombian Government.

Emma Navarro met with the Vice-President of the Colombian Government, Marta Lucía Ramírez, and with the Minister of Finance, Alberto Carrasquilla. In both meetings, the EIB expressed its interest in expanding its support for Colombia by financing key projects for the country, particularly those related to post-conflict reconstruction and climate action. Tomorrow, Emma Navarro will meet with the Vice-President of the Colombian Government, Marta Lucía Ramírez.

The EIB delegation will also hold meetings with representatives from several Colombian public financial institutions, such as Banco Agrario and Bancoldex, as well as with multilateral banks and European development agencies working in Colombia, with the aim of pooling efforts to support the financing of projects that promote sustainable economic development in the country.

During her visit, EIB Vice-President Emma Navarro emphasised the EIB’s desire to “continue working with Colombia, providing the advantages of our long-term financing to projects having a positive impact on wealth and job creation. To this end, I would like to reiterate that we are ready to expand our activity in the country to promote investments related to post-conflict reconstruction and other current challenges. As the EU bank, our priorities are to contribute to sustainable social and economic growth and combating climate change.”

Financing for the Bogotá metro and post-conflict support

Since the EIB started working in Colombia in 2006, it has approved more than EUR 600m in financing for infrastructure projects, primarily in the telecoms and transport sectors. In Bogotá, the EIB supports the construction of the first metro line with a financing of EUR 420m.

In addition, and as part of EU support for peacebuilding in Colombia, the EIB has undertaken to provide up to EUR 400m to develop new infrastructure to benefit local people and promote social inclusion, granting loans on very favorable conditions, in terms of both interest rates and maturities.

Donation for the immigration crisis

As part of its agreement with Colombia, the EIB wishes to help alleviate the difficult situation caused by the arrival of huge numbers of immigrants from Venezuela. To this end, the EU bank will make a EUR 250 000 donation via its philanthropic arm – the EIB Institute – to several NGOs working on the border to attend to the basic needs of immigrants. This kind of donation is among the actions taken by the EIB Institute to demonstrate its support in the face of natural disasters and humanitarian crises.

Original source: EIB
Published on 23 November 2018