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This is now the 14th project to receive funding within the 4G program and the first to close financing since President Iván Duque took office in August.

Bogotá was recognized for its "Laboratory of Innovation for Social Organizations” initiative that has helped promote citizen participation.

The Inter-American Development Bank loan will be used on tech tools, management models, and improving the quality of citizen services.

The bond aims to attract international finance to the region and "meet the growing demand of clients in local currencies," said IDB Invest.

The bank says that "the elevated metro can help save up to $61 million USD in investments per kilometer and its operation will cost 28% less than an underground system."

Among South American nations, only Chile (up 24.3%), Bolivia (21.9%), and Uruguay (16.1%) outperformed Colombia this quarter.

Colombia’s Commerce Minister María Lorena Gutiérrez said last week that the issuance could be later be extended by another $35 million USD.

The decision "constitutes a reaffirmation of a policy in line with improving quality of life of our population," said Bancóldex head Mario Suárez.

The Latin American Agribusiness Development Corporation will finance ventures in Colombia, Chile, Costa Rica, the Dominican Republic, Guatemala, Nicaragua, and Peru.

Colombia has previously hosted the event four times over the past six decades, mostly recently in 2009 in Medellín.