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LatinNews Daily - 24 July 2019

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In brief: Colombia’s Bancóldex and BEI agree US$167m in funding

* The European Investment Bank (BEI) and Bancóldex, Colombia’s enterprise development bank, have signed a memorandum of understanding (MoU) to strengthen cooperation between the two institutions, with a view to promoting inclusive and sustainable social and economic development in Colombia. Under this agreement, BEI will grant €150m (US$167m) to areas in Colombia most affected by the internal armed conflict. This funding is designed to support micro, small, and medium-sized enterprises operating in those areas, enabling them to develop their projects, fostering job creation and economic growth. BEI has also reiterated its willingness to provide up to €400m to boost the country’s economy. According to BEI’s Vice President Emma Navarro, this agreement “demonstrates the firm commitment of the EU bank to help relaunch the Colombian economy in the post-conflict context…. It will enable the BEI to step up its activity in Colombia, financing projects that contribute to achieving the Sustainable Development Goals and promote climate action”.