EIB to support Colombia in financing projects that promote sustainable growth

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.

The European Investment Bank (EIB) is conducting an official visit to Colombia. From today and for the next two days, 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.

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.

During her visit to Colombia, Emma Navarro also met with the mayor of Bogotá. The EIB is supporting the construction of the city's first metro line with EUR 420m in financing.

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 favourable 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 an 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.

The EIB in Latin America

The European Union is the main partner for the development of the Latin America region, it's number one investor and second biggest trade partner. The European Investment Bank (ElB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy objectives.

The EIB provides economic support for projects in Latin America by facilitating long-term investment with favourable conditions and by providing the technical support needed to ensure that these projects deliver positive social, economic and environmental results. Since the EIB began operating in the region in 1993, it has provided total financing of EUR 8.2bn to support 110 projects in 14 countries.

In 2017, the EU bank provided EUR 631m to finance projects in Latin America in sectors as diverse as energy, transport, water infrastructure, climate action and assistance for small and medium-sized enterprises.