Sunday, May 15, 2022

World Bank approves $830 million in loans to Colombia By Reuters

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© Reuters. FILE PHOTO: An aerial view of Bogota, picture taken from the Monserrate cable car, in Bogota, Colombia November 20, 2020. REUTERS/Luisa Gonzalez

BOGOTA (Reuters) – Colombia will receive two loans totalling $830 million from the World Bank to fund COVID-19 pandemic recovery and education efforts, the country’s government and the bank said on Thursday.

“Through these two loans, which are greatly relevant to Colombia, the World Bank will contribute to the general national budget and the budget of the national education ministry,” Colombia’s national director of planning Alejandra Botero said in a World Bank statement.

The funds will help the education system and economy recover from the COVID-19 pandemic, she added.

The first loan, for $750 million, will be used to reduce employment barriers faced by women and fund climate change adaptation efforts and biodiversity initiatives, the bank said.

The second, for $80 million, will be used to improve education strategies and improve coordination between teachers and local governments to help vulnerable students, the statement said.

“Both loans will support government efforts to promote more equitable access to opportunities for the most vulnerable groups amid the pandemic,” said Mark R. Thomas, World Bank director for Colombia, Mexico and Venezuela.

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