Approximately $4.59 billion in government royalties will be distributed among Colombia’s departments and municipalities next year, announced Minister of Finance Juan Carlos Echeverry Tuesday.
One third of the royalties, an estimated $1.53 billion, will be allocated to each region’s pension fund, reported Caracol Radio.
The remaining $3.06 billion can be used to finance any infrastructure project of the department or municipality’s choosing.
According to the minister, the funds will be dispersed throughout each region as equitably as possible in order to benefit all Colombians, particularly in areas most in need.