IDB approves US$ 1.3 billion infrastructure loans

By Richard High31 March 2009

The Inter-American Development Bank (IDB) has approved a US$ 1.3 billion loan to Colombia's water, sanitation, energy and infrastructure sectors, according to BNAmericas.

The 30-year loan, which will be disbursed throughout this year, was announced by IDB president Luis Alberto Moreno in Medellín, Colombia during the IDB's 50th Annual Meeting.

The new funds are aimed at projects that will create jobs and kick start Colombia's economy as a consequence, said Mr Moreno.

About US$ 250 million of the total will be allocated to climate change and energy efficiency projects and US$ 250 million will be assigned to water programs.

The Pasto-Mocoa highway will receive US$ 53 million for its first-phase works, while US$ 10 million will be given to Colombian capital Bogota's mass transport system.

Potable water and sanitation projects in the Nariño region will receive US$ 27 million, while the Medellín river remediation program will receive US$ 27 million.

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