CABEI approves US$250 million to promote Colombia's sustainable development
The initiative will strengthen public policies, sustainable infrastructure, and climate action in Colombia, a CABEI non-regional member.
Cancún, Quintana Roo, México, October 25, 2023.- Promoting sustainable and equitable growth in Colombia, the Central American Bank for Economic Integration (CABEI) approved US$250 million in financing for the implementation of a "Development Policy Operation (DPO)" to support the country's efforts in its global climate action and sustainable development agenda, strengthening public policy offerings and infrastructure investments.
The fast-disbursing financial resources will promote green and sustainable growth, in addition to promoting equality, social justice and environmental protection through the transition to a sustainable low-carbon economy, which includes the approval of the 2022-2026 National Development Plan, which establishes the mechanisms to "transition to a productive economy based on respect for nature and achieve decarbonization".
Likewise, the promotion of sustainable investments to achieve a just energy transition, with a focus on energy efficiency and renewable sources such as geothermal and wind power; in addition to strengthening the fiscal and legal framework to promote renewable energy in the electricity market and fostering sustainable mobility, including active mobility.
It also contemplates strengthening public finances by modifying environmental taxes and simplifying taxes for micro, small and medium-sized enterprises (MSMEs), thus strengthening the fiscal framework for long-term green growth.
With this operation approved for its non-regional partner country, CABEI reinforces its commitment to sustainable and equitable development in its member countries and recognizes the urgent need to support programs and projects that promote climate change mitigation and adaptation.
