Monday, September 25, 2023

Colombia okays US$38 billion dollar reactivation plan

QCOLOMBIA – Colombia’s economic and social policy council (Conpes) has greenlighted a 135 trillion Colombian peso (US$38 billion) economic reactivation plan, which will be implemented together with the private sector.

The investments represent 12.5% of GDP and should add two percentage points to this year’s growth, which is expected to reach 5%, the national planning department (DNP) said in a press release.

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Of the total, 57 trillion pesos, or 42.4%, will be allocated to transport projects, including 27 roadworks in 23 departments, entailing 400 kilometers, and to speed up the construction of Bogotá’s first metro line, the Magdalena Troncal highway concessions, and Cali’s road network.

Mining and energy projects will receive 26.3% of the investments, which are expected to create over 1,400 green businesses by 2022.

And 15.8% will go to agriculture projects, 3.9% will be for education, 3.3% for social programs, and 7.2% for housing.

About 2.2 trillion pesos will be used to improve internet connection in 10,000 rural areas, while a similar amount will be for reactivating the productive sector.

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The plan also includes measures such as data integration, a credit line for small and medium-sized companies, boosting vaccination against COVID-19 and a national data infrastructure program.

On July 20, the government will provide updates on the previous reactivation plan which entails 153tn pesos for 465 projects, DNP head Luis Alberto Rodríguez said in a government livestream.

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