Colombia’s handling of the global financial crisis has been praised by regional neighbors at the annual Inter-American Development Bank (IADB) forum in Panama City on Sunday.
“Colombia has a record of achievement that was the subject of admiration by the assembly and by other countries that took part in this meeting,” said Finance Minister Mauricio Cardenas at the conclusion of the forum.
The IADB hosts the forum during late March or early April of each year where Ministers of Finance, Presidents of Central Banks, and representatives of development agencies, multilaterial institutions, and major banks exchange ideas in a strategic forum.
Cardenas stressed the particular need to open up new lines of credit for private sector companies involved in infrastructure development. However, Cardenas said that the IADB could take it one step further with the funding that they provide.
“We want the IADB to finance private companies and investors directly,” stated the Finance Minister.
With a rising middle class that has become increasingly concentrated in urban areas, transportation and other infrastructure needs are critical. One of the major factors that has slowed Colombia’s growth is its urban mobility. According to a study conducted by the World Bank, Colombian cities are dragging behind in the wake of a population explosion due to poor interconnectedness between cities and within cities.
MORE: Poor transportation makes Colombia cities economically uncompetitive: World Bank
The IADB, founded in 1959, has acted as the main provider of funding for development purposes to Latin America and the Caribbean. Recently, the IDB received $12 billion in aid from China in order to galvanize funding for the region’s puttering performance.
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