Development bank Banco De Desarrollo De América Latina, or CAF, has approved a $15 million credit line for Colombia's Banco WWB SA to bolster microfinance in the country.

Of the total amount, $5 million has already been disbursed in December 2016, Banco WWB said in a filing.

The bank added that it will use the credit line to meet its goal of improving the quality of life for independent workers, micro entrepreneurs and people engaged in productive sectors.