The World Bank issued Colombia a $654 million loan Thursday for transportation projects, education, health care, and environmental protection.
More than half of the loan–$350 million–will go to improving Colombia’s transportation infrastructure. The funds are expected to improve the transportation of nearly 1.8 million Colombians.
The other half–$300 million–will serve to support Colombia’s financial stability and reduce Colombia’s public deficit to 3.2%. The money will also help Colombia make payments on pensions and health plans and help the country reduce its fiscal vulnerability to natural disasters.
Finally, $4 million was provided to assist Colombia with environmental preservation efforts.
The loan was provided as part of the World Bank’s strategic partnership with Colombia. As part of the partnership, the World Bank also announced that two anti-poverty programs would be merged, providing 1.2 million children with access to early education in 2014.