World Bank to loan Colombia $830 million

The World Bank approved two loans of a total of $830 million to help fund Colombia’s recovery from the Covid-19 pandemic and education system, Reuters reported.

"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 first loan of $750 million will help women face employment barriers and fund climate change initiatives, the bank said. The second loan of $80 million will target education strategies and help vulnerable students.

"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.