Colombia seeking up to $2 bln in World Bank financing for 2022

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BOGOTA, Oct 11 (Businesshala) – Colombia will seek up to $2 billion in World Bank funding for its 2022 efforts to address climate change, biodiversity, improve healthcare and help youth, President Ivan Duque said on Monday. .

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Duke met in Washington with executives from the bank, which has already supplied $2 billion in funding for the year to help the Andean country’s post-pandemic economic recovery.

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“There are four central areas where we expect to have a funding program in 2022 that will be between $1.2 billion and $2 billion, where we will address issues such as climate change, support on our biodiversity agenda, strengthen the health system, etc. Talking about the pandemic, ”the Duke told reporters after the meeting.

“Something else that is important is the funding for our youth agenda, the youth agreement, where we have employment with 25% subsidy on minimum wages and with which we are reaching out to around 80,000 youth beneficiaries.”

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In August Colombia’s central bank sold $2.79 billion to the government in exchange for local TES Treasury bonds, to help boost the country’s liquidity and budget for this year and next. The money came from the special drawing rights granted to Colombia by the International Monetary Fund.

The central bank has predicted that the economy will grow 8.6% this year compared to a contraction of 6.8% last year amid the coronavirus shutdown. The bank says that growth will normalize to 3.9% in 2022. (Reporting by Nelson Boccanegra, Writing by Julia Sims Cobb; Editing by Aurora Ellis)

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