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Colombia will advance in the modernization of public management through the implementation of an innovative Government Center (Smart Delivery Unit) that will incorporate cutting-edge technologies to support evidence-based decision-making processes with a $15 million loan approved...

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," said IDB Invest.

"We have learned from our clients that responsible debt is crucial to enabling them to grow their operations consistently," said Esteban Velasco, cofounder of Sempli.

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.