The IFC has provided US$45mn to rehabilitate Colombia’s capital city Bogotá’s road network, and to build sidewalks and bikeways.
The money has been provided through a joint initiative with the World Bank that supports municipalities in delivering key infrastructure services, including water, wastewater management, transportation, and electricity and other local public entities in development countries, without sovereign guarantees.
“It enables the city to continue diversifying its sources of financing for major projects. It also helps the city depend less on the central government for resources and minimises the number of guarantees and pledges against revenue that the city must establish to raise the funds it needs,” comments Juan Ricardo Ortega López, Bogotá’s secretary of finance.
Robert Albisseti, IFC country manager, adds: “The financing is also part of IFC and the World Bank’s strategy to promote sustainable growth in Colombia by supporting key infrastructure projects.”
This is IFC’s second project with the city, having previously helped Bogotá simplify a system for inspecting companies’ environment, health, and safety planning and fire prevention.
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