Colombia’s Environment Ministry is making available $16.4 million in credit to businesses and enterprises which protect the environment, Colombian media reported Thursday.
The preferential line of credit, which will be available through the Colombian Bank of Foreign Commerce (Bancoldex), is to be called Bancoldex Sustainable Development.
The credit is provided at a rate of interest lower than the normal rates of Bancoldex, with a lower long-term discount rate, and a grace period of up to one year.
Each company can borrow up to $82,000 according to newspaper El Espectador, repayable over two to seven years on a monthly, quarterly or semiannual basis.
The projects supported by this line of credit must be aimed at the protection and conservation of natural resources, especially in terms of the purchase or leasing of machinery or equipment.
The loans are open to micro, small, medium and large enterprises in all economic sectors which have been operating for at least six months. Although the scheme was announced in April 2011 it will be officially launched September 16.