Colombia receives resources from the EU for 88,000 million pesos for business development

Colombian company. Archive image. Photo: Ministry of Commerce

The Ministry of Commerce, Industry and Tourism announced, this November 25, that the financing agreement was signed “Sector reform performance contract for an inclusive, green and competitive economy in Colombia” with the European Union, with which 20 million euros will be injected into the portfolio.

The signing of the protocol document for the disbursement of the first tranche, worth 39 billion pesos, was carried out this Thursday and had the participation of the Minister of Commerce, Industry and Tourism, María Ximena Lombana, the head of the Office for the Socioeconomic Care and Integration of Migrants, Lucas Gómez; and the head of the European Union Unit for Cooperation with Latin America and the Caribbean, Jorge de la Caballería.

It should be said that the total budget support will be for 88,000 million pesos that will be disbursed in a term of three years. “These resources will allow us to continue working on the transition of Colombia towards a more inclusive economy, where the sustainability, productivity and socio-economic inclusion of the migrant population they will play a leading role in the actions to be developed, ”said Minister Lombana at the signing event.

In turn, De la Caballería, assured that, “we are convinced that all these measures will contribute to the country achieving a recovery in the coming years that will allow it to rebuild better (build back better), that is, an opportunity for economic growth to be more inclusive, fairer and greener ”.

According to the Commerce portfolio, budget support will be focused on support the economic reactivation of the business fabric in the regions and attend to the particular realities of the areas of Colombia.

Another focus that will have the allocation of resources will be migration, which will seek the economic, social and labor integration of the population that has arrived in the country in recent years, as well as returned nationals.

For this component, according to Mincomercio, a total of 8.5 million euros, of which 4.6 million will be executed through iNNpulsa Colombia to support 1,360 entrepreneurship initiatives of migrants, returnees and residents of host communities.

These programs will be monitored through measurements of specific actions, which include a cross-sectional indicator of gender equity, which seeks to serve 12,000 women with the institutional offer financed with the help of the EU.

President Iván Duque announced that Colombia has “insured” for next year Spanish investments for more than $ 2.5 billion and invited investors and the Iberian authorities to continue strengthening ties, now that “there is more security than ever”, after the signing of a bilateral agreement to protect investors.

Spain is today the second investor in Colombia worldwide, the first in the European sphere, with an accumulated since the third quarter of 2018 of 6,340 million dollars. Between 2000 and 2020, Spanish investments in the South American country were around 21,000 million dollars and “generated more than 13,000 jobs,” said Minister Lombana, who also highlighted that in the first half of 2021 the figure was around 871 million Dollars.


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