World Bank Supports Colombia’s Land Organization and Regional Finance Efforts

WASHINGTON, December 9, 2016—The World Bank Board of Directors approved a loan yesterday to strengthen land management institutions and implement regional policies to improve finances and prioritize investments throughout Colombia. The funding will support government development policies to update land information systems, make soil use more efficient, and create key institutions for land management and financial and budget administration in the regions.  “The World Bank seeks to support the national government with public policy instruments to strengthen and modernize local governments to contribute to their sustainable development, improve the quality of life of their inhabitants and reduce gaps between the most advanced and more backward regions,” said Gerardo Corrochano, World Bank Director for Colombia and Mexico. This First Programmatic Territorial Development Policy Financing, forms part of the World Bank’s Country Partnership Framework with Colombia (2016-2021). This partnership has three main pillars: foster balanced territorial development, enhance social inclusion and mobility, and support fiscal sustainability and productivity. This loan is in line with the World Bank’s project portfolio in the country and with the extensive studies conducted in the areas of urban and rural development, land management, fiscal management, and decentralization. The Colombian government counterpart for this loan is the National Planning Department. The loan totals 716.5 million euros (US $800 million) and has a 20 year maturity period and a grace period of 19.5 years. Contacts: In Washington: Marcela Sánchez-Bender, +1 (202) 458-5863, msanchezbender@worldbank.org; In Colombia: Jairo Bedoya Villa, + 57-1-326-3600, jbedoyavilla@worldbank.org For more information: www.bancomundial.org/co Visit us on Facebook: http://www.facebook.com/bancomundialcolombia Stay informed on Twitter: http://twitter.com/bancomundial Press Release 2017/125/LAC