FDN intends to use the financing to grant new dollar-based loans for infrastructure projects, particularly those within the nation’s massive 4G road and transportation network overhaul.

The Bogotá-based agency has already helped facilitate some 20 trillion pesos ($7 billion USD) in financing for 4G projects and is encouraged that this additional access to capital will help further support that goal.

“Thanks to this line of credit we will be able to increase our capacity to lend in dollars for projects that require it,” said Clemente del Valle, president of FDN. “With this credit line, we expand our funding options when it comes to competitive conditions and for the long term. This is undoubtedly more momentum for 4G Program and other infrastructure projects.”

“The bank will start lending to countries that are not founding members. Colombia will be able to access a credit line of US $ 400 million; half of which can be used for bilateral projects with member countries, and the other half can be used, for example, to finance the 4G [highway construction] program” said Cardenas.

The 55th meeting of the Board of Governors of BCIE took place last week in Medellin, Antioquia. The annual meeting is held in order to discuss the challenges facing the economies of the region, as well as to decide about possible new BCIE investments and regulations for the admission of non-founding regional and non-regional members.

BCIE is currently the main provider of development-oriented financial resources to Central American countries. Its new 2015-2019 institutional strategy “Integrating Sustainable Development and Competitiveness” includes the channeling of US$8.77 billion for this period to address needs in social development, competitiveness and regional integration.