The city council in Bogota, Colombia is banking on financial backing by multilateral institutions to implement its infrastructure program. It already asked for USD55 million from the Andean Development Bank and another USD45 million from the International Finance Corporation to shoulder part of the cost of the USD500-million project. “We chose to get the loans from multilateral institutions because we will never find such conditions with private banks. Both loans have very competitive conditions,” said Rigoberto Lugo, public credit director for Bogota. The city also received EUR3.5 million (USD5 million) from Germany’s KfW to build schools, roads, and other facilities in its poorest communities.
Source: Colombia’s Bogota City Asks USD100M In Multilateral Loans (Dow Jones Newswires)