Inter-American Development Bank Grants Colombia $450 Million USD Loan for Financial System Reforms
Wednesday, June 14, 2017
This week, the Inter-American Development Bank (IDB) approved the second phase of a $450 million USD loan to Colombia for financial system reforms designed to increase the country’s economic growth.
According to the IDB, the proposed reforms will aim to solidify macroeconomic stability, boost development, encourage public/private partnership financing, strengthen regulation of the financial system, promote financial inclusion, and heighten the country’s ability to monitor progress in these areas. The loan has a 20-year term — with a 5.5-year grace period — as well as a LIBOR-based interest rate