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IADB approves $450M loan for Colombia to support financial system reforms

The Inter-American Development Bank approved the second stage of a $450 million loan to Colombia to support the country's financial sector reforms.

The reforms are meant to ensure macroeconomic stability in Colombia, enhance product development and the financing of public-private partnerships, strengthen regulation and monitoring, and improve financial inclusion, the IDB said in a statement.

The loan will be for 20 years, with a grace period of 5.5 years, and carries an interest rate based on the LIBOR benchmark rate. Proceeds will be used to finance micro-, small- and mid-sized enterprises, as well as for infrastructure projects through Colombia's Financiera de Desarrollo Nacional SA.