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The announcement reaffirms a credit line originally approved by the IMF in June 2016. Colombia’s policymakers say they view this as merely a precautionary source of capital.

Up to 15 fintech companies will enter a three-month training and capital-raising program. The two highest-performing startups will receive at least $75,000 USD in funding.

Funds for sanitation, water, health, and education "will bring dignified living conditions to the population," said Buenaventura Mayor Eliécer Arboleda Torres.