World Bank to loan Colombia US$650 million

The World Bank regional director announced that the global monetary organization will loan US$650 million to Colombia.

US$300 million will be spent on governmental expansion programs in the financial sector, director Axel F.B. Van
Trotsenburg told newspaper El Colombiano.

Another US$300 million will be used to finance the construction of public transport systems in Bogota, Cartagena,
Pereira, Medellin, Bucaramanga and Barranquilla.

US$20 million will go towards waste management projects, another US$20 million to the judicial system and US$8 million will be spent on “peace and development projects,” Van Trotsenburg explained.

The director predicted that the growth of the Colombian economy will fluctuate between zero and a contraction in 2009.

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