The Superintendencia Financiera de Colombia (SFC) has presented a proposal to create a national system of socio-environmental prices that supervised financial institutions would apply when evaluating and analyzing private and public development projects in Colombia. The regulator argues that the country’s financial system faces the challenge of financing projects that generate long-term social returns, not only private profitability.

The proposal was unveiled in Bogotá on May 14, 2026, during the forum Precios socioambientales: una herramienta para la inversión sostenible en Colombia, hosted at the regulator’s headquarters. Participants included Superintendent of Finance César Ferrari; Daniel Schydlowsky, professor at the Hebrew University of Jerusalem; Raúl Castro, professor at the Universidad de los Andes; Andrés Vera, technical vice president of Asobancaria; Ricardo Lara Manzano, director of infrastructure and energy for the Andean region at IDB Invest; and Andrés Trejos, economic studies coordinator at the SFC.

Ferrari noted that the methodology, also known as “shadow pricing,” gained prominence during the second half of the twentieth century before falling out of favor, and is now resurfacing globally as social and environmental dynamics increasingly affect business and the financial system. “The concept of ‘shadow prices’ is regaining importance because we are seeing the effects of climate change on the economy and on competition in business across all sectors,” Ferrari said.

“The concept of ‘shadow prices’ is regaining importance because we are seeing the effects of climate change on the economy and on competition in business across all sectors.” — César Ferrari, Colombian Superintendent of Finance

Schydlowsky explained that shadow prices measure the value of goods and services when market failures distort interest rates, exchange rates, or fiscal balances. The approach is designed to correct for the gap between observed market prices and the true economic and social cost of resources.

What the SFC is proposing

Trejos argued that social project evaluation provides a technical basis for discussing the relevance of investment initiatives in the context of public policy and the financial system, and helps select projects that raise social welfare with economic efficiency and environmental sustainability. “It is possible to prioritize projects beyond private profitability, incorporating general social welfare and, in particular, environmental sustainability,” he said.

The SFC’s proposal to build a socio-environmental pricing system for Colombia includes estimates of the social valuation of six productive factors and fundamental variables: labor, public revenue, investment, foreign exchange, carbon, and the social discount rate.

Under the proposed framework, projects would receive more favorable evaluation if they are labor-intensive — especially when they absorb idle or underemployed workers — if they generate or save foreign exchange through expanded exports or efficient import substitution, if they strengthen public revenue and the state’s capacity to provide public goods and regulation, or if they reduce carbon footprint or deliver net benefits in climate mitigation and adaptation.

The proposal does not yet carry the force of regulation. The SFC presented the framework as a methodology for supervised entities — including banks, insurers, and pension fund managers — to incorporate into their internal project evaluation processes alongside conventional financial analysis.

Headline photo: The installation of more than 886 solar systems benefiting 4,000 users. Photo credit: One Inversión Social.

The collaboration seeks to secure funding and seed capital for the energy projects, identify a majority investor, and designate an energy dispatch operator. The planned installations include a 7.6 MWh solar plant with 8.8 MWh battery capacity for Mitú and a larger 14 MWh solar facility with 17.3 MWh battery storage for Puerto Leguizamo. These projects are designed to provide a consistent supply of renewable energy to over 22,000 residents in Vaupés and 20,000 in Puerto Leguizamo.

The renewable energy installations are expected to replace roughly 2.1 million gallons of diesel annually.

According to FDN President Francisco Lozano, this initiative represents a significant step in addressing energy needs in underserved areas and aligns with Colombia’s objectives for a “Just Energy Transition.” Lozano noted that FDN’s expertise in structuring and financing high-impact projects will support the provision of clean and reliable energy access for rural and Indigenous communities.

The renewable energy installations are expected to replace roughly 2.1 million gallons of diesel annually, substantially reducing greenhouse gas emissions and decreasing air pollution. These efforts aim to help protect the Amazon’s fragile ecosystems and biodiversity while contributing to Colombia’s broader sustainability goals.

FDN plans to leverage its experience in Project Finance structures to meet high socio-environmental standards throughout the project life cycle. Following comprehensive due diligence, FDN may also participate as a financing entity.

Colombia’s National Development Finance Company (FDN) has as shareholders the National Government through its Bicentennial Group entity, the International Finance Corporation (IFC), the Sumitomo Mitsui Banking Corporation and the Development Bank of Latin America (CAF). It is an entity linked to the Ministry of Finance and Public Credit.For additional information on FDN’s involvement and progress on these renewable energy projects, visit FDN’s website.

Above photo (courtesy FDN): Standing from left to right: Camilo Baptiste (Partner Bonus Asset Management) and Daniel Umaña (President Due Capital and Services)
Seated: Francisco Lozano (President FDN), Marisela Alvarenga (General Director of Business IDB Invest) and Mario Pardo (President BBVA Colombia)

After securing what IDB Invest stated is its largest investment in a proptech company to date, the Bogotá-based startup — which offers a platform to provides users with access to information including property valuations, real estate listings, and financing options — noted that it has now attracted nearly $500 million USD in financial resources over the past 12 months.

Habi characterized this arrangement as a significant milestone that will help grow operations as it attempts to help reduce the housing deficit in the region while contributing to the employment of local contractors for property renovation and the company’s network of agents.

“To date, we have positively impacted the lives of more than 30,000 families in the region who have sold or purchased their homes through our platform,” said Sebastian Noguera, president and co-founder of Habi, in a statement. “With the support of IDB Invest, we will continue to work so that any Colombian who wants to buy or sell a home can do so in an agile, reliable, and secure way.”

IDB Invest, which is the largest multilateral development bank in Latin America, highlighted its desire to support Habi’s inclusion and innovation strategies while noting that it expects the deal to contribute to the United Nations’ Sustainable Development Goals related to sustainable cities and economic growth.

“Habi’s technology is helping to make the market more transparent and efficient, and it is also helping to reduce the environmental impact of homeownership,” said Sergio Fajardo, CEO of IDB Invest.

Photo: Habi leadership team members Sebastián Noguera (president and co-founder), Brynne McNulty Rojas (CEO and co-founder), and Marcos Kantt (CFO). (Credit: Habi)

 Colombia, Peru, Uruguay and Mexico lead the ranking of the Global Microscope on the environment for financial inclusion, an index that focuses on regulation, political strategies, and infrastructure to address this issue. In these four countries, financial inclusion is a priority and incorporates digital approaches. While Colombia and Mexico lead public policy and consumer protection categories, Uruguay and Peru stand out in stability and financial integrity. In addition, Argentina, Costa Rica and Uruguay occupy the top positions in the field of infrastructure, which confirms for the second consecutive year, Latin America’s leadership in the field.

In its 2019 edition, the Global Microscope analyzes the regulation and policies used by governments and regulatory bodies of 55 emerging countries to improve financial inclusion among their populations. New this year, the study incorporates 11 indicators that assess how governments face the gender gap in terms of financial inclusion. The main findings were presented at FOROMIC 2019 , the leading event in Latin America and the Caribbean on issues related to financial inclusion.

Colombia is the nation that leads the ranking and stands out for the formal adoption of a regulatory environment for tests of financial innovations (regulatory sandbox), which began this past May, and adds to other regulations approved in 2018 for collective financing and bank investments in Fintech companies.

The 2019 Microscope shows that Costa Rica, Argentina and El Salvador presented the most significant ascents in the region. Costa Rica and Argentina have issued financial inclusion strategies. The Argentine Central Bank approved regulations that allowed the creation of agent networks, one of the main areas of improvement identified in previous editions of this index. Meanwhile, El Salvador is working on the creation of a supervisory framework for digital payments. Brazil’s position is also noteworthy for reducing its requirements for opening electronic money accounts, and remains as the digital transactions’ leader in the region.

The Dominican Republic, together with Uruguay, joins the list of countries with data protection and cybersecurity laws in response to the challenges of the digital age. The Caribbean state approved cybersecurity regulations that apply to all financial institutions, and has begun to address regulations for the promotion and use of financial technologies, through a public-private team that collaborates in the promotion of mechanisms such as digital payments. For its part, the government of Uruguay issued in October 2018 a data protection law applicable to database owners and data processors in all economic sectors.

The 11 new indicators to assess the role of women in financial inclusion reveal that there are no legal requirements differentiated by gender in the countries evaluated, with the exception of Cameroon. However, collecting data on the use of financial services by women remains a pending issue for most governments. Only one third of the countries analyzed include a gender approach in their financial inclusion strategies, and a minority have established clear gender-related objectives as part of these strategies. Practical impediments, such as access to identification, connectivity and mobile phones, limit women’s ability to take advantage of the growing digital channels for financial inclusion.

The Global Microscope is prepared by The Economist Intelligence Unit (EIU), with financial support from the Bill and Melinda Gates Foundation, the Center for Financial Inclusion of Action, IDB Invest and IDB Lab. First published in 2007, it is the global standard for the analysis of the environment for financial inclusion in developing countries. For more information, download the Global Microscope 2019 at https://digital-iadb.lpages.co/idb-invest-global-microscope-2019/

“The $70 million USD loan will support an innovative digital business model that is transforming the urban transport sector across the region,” said IDB Invest, the investment financing arm of IDB, in a statement.

If added that “the financing will allow Cabify to reinforce its activity in favor of its smart cities agenda, reducing mobility costs, and improving the lives of citizens.”

In addition to aligning with the global development bank’s wider goals of promoting mobility and digital innovation in the region, IDB says Cabify, which operates in 11 countries, will use part of the funds to institute a plan that will improve employment conditions for drivers in a way that can “increase their financial inclusion and help in obtaining social benefits.”

The financing is being supplied in part by third party funds including Blue like an Orange Sustainable Capital.

“This project reinforces the common goal of achieving more sustainable cities,” stated IDB Invest. “The financing is in line with the Sustainable Development Goals and the 2030 Agenda, which Cabify has incorporated into its business objectives by adhering to the United Nations Global Compact.”

Though founded in Madrid with some expectations of becoming a European version of Uber, Cabify has found its biggest markets in Latin America. It has branched out from its start in Mexico and Chile, entering Colombia in 2015 and now having a footprint in most of the region’s largest countries.

The company, through its parent Maxi Mobility, raised an additional $160 million USD in series E funding last year during a restructuring period that followed Cabify’s move to switch out its CEO.

There has also been ongoing collaboration between Cabify and Easy Taxi, another regional leader in the market. Maxi Mobility controls the Brazilian operations of Easy Taxi and has partnered on that ride-hailing company’s digital platform, recently branding the mobile application as “Easy, a Cabify app.”

This alignment follows the earlier merger of the Brazil-founded Easy Taxi and Colombian rival Tappsi, which joined forces in 2015 but only rebranded as a unified app under the Easy banner toward the end of 2018.

(Photo credit: bobtheskater / Pixabay)

The bond, with total sum of $144 billion pesos and maturing in 2025, aims to promote the economic development of Latin America and the Caribbean through the private sector and “serves as a platform to attract international finance to the region and meet the growing demand of clients in local currencies,” said IDB Invest in a statement.

This is the 10th bond issuance by IDB Invest, which is a part of the Inter-American Development Bank (IDB) Group, and third issued in Colombian pesos.

The organization placed the bond as a part of its global emissions program (EMTN) as part of its “local currency capacity expansion strategy to provide more financing flexibility to its clients,” added IDB Invest.

The organization added that this also represents further progress in its plans to grow in the country. “As IDB Invest expands its operations in Colombia, its Bogotá office will grow to better serve clients and have a greater impact on development,” stated the organization.

The loan was signed with the Latin American Agribusiness Development Corporation (LAAD) and is planned to finance small and mid-sized agribusiness ventures in Colombia, Chile, Costa Rica, the Dominican Republic, Guatemala, Nicaragua, and Peru.

LAAD’s loans are typically directed toward projects aiming to develop permanent crops or agricultural equipment that are sustainable and socially beneficial to the area in terms of generating employment and food production.

READ MORE: IFC Grants $150 Million for Fertilizer Projects in Colombia, Brazil, and Zambia

“The operation allows IDB Invest to positively impact a large number of micro, small, and medium enterprises, given LAAD’s knowledge of the agribusiness sector in the region,” stated the Inter-American Development Bank (IDB) in a statement.

The institution believes that the financing will help LAAD expand its loan portfolio. “The objective for LAAD is to continue financing projects that, with a focus on sustainability, involve all stages of production, storage, technology and commercialization,” stated IDB.

(Photo credit: afelipeug / Pixabay)

Specifically, Davivienda will use the funds to provide financing for mortgage loans within two public housing development programs in Colombia, Social Interest Housing (VIS) and Priority Interest Housing (VIP).

The institution’s loan to the Bogotá-based bank has a period of up to 5.5 years with a single payment at maturity.

“The IDB Invest loan will allow Banco Davivienda to increase the reach of its operations, particularly the financing of VIS, a segment that requires longer repayment periods,” said IDB in a statement.

The group added that, while the country has “achieved a significant reduction in housing deficit indicators in recent years,” many Colombians still lack access to “adequate housing finance.”

The Washington-based regional development bank added that “increasing mortgage offerings and establishing a robust housing finance system that facilitates access to formal housing is a priority for the country.”

(Photo credit: mastersenaiper / Pixabay)

The bulk of the loan will “give a big boost” to the massive 4G road construction project underway in Colombia that calls for the investment of tens of billions of dollars to overhaul and improve the mountainous nation’s highways, tunnels, and bridges.

According to the IDB, this funding will “help accelerate financial closures” as the government continues to promote bids and look for firms to collaborate with through public/private partnerships (PPPs). The loan “emphasizes the focus on PPPs to close the infrastructure financing gap and the importance of leveraging local currency to adapt products to the needs of clients,” said IDB in a statement.

For the arrangement, the IDB, through its IDB Invest private sector financing arm, will provide 270 billion pesos ($88 million USD), and FDN will provide 330 billion pesos ($110 million USD) for “long-term lending in local currency.”

The signing was conducted by Luis Alberto Moreno, president of the Inter-American Development Bank; Clemente del Valle, president of FDN; and James P. Scriven, president of IDB Invest.