Andean Development Corp approves US$400 million loan to Colombia

The Andean Development Corp., or CAF, Tuesday approved a US$400 million
loan to Colombia to strengthen programs in municipal governments.

Enrique Garcia, head of CAF, said the loan aims to bolster the
“decentralization model to contribute to the efficient management of
funds.”

The Caracas-based multilateral lender plans to lend Colombia US$6
billion in the 2009-2011 period, up from the US$5.7 billion it lent over
the past five years, Garcia recently said.

This year, CAF will lend Colombia more than US$2 billion, compared to US$1.7 billion last year. (Dow Jones)