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The funds will significantly reduce the interest rate of some 77,000 mortgages that officials say will be generated by plan.

The Colombian government confirmed that Claro and Movistar have submitted payments for the enormous fines levied against them.

"These forecasts for Colombia's growth are much higher, compared to the other scenarios in Latin America," said Cárdenas.

"We will continue to reduce spending with the objective of hitting fiscal targets and reinforcing our country’s BBB rating,” said Mauricio Cárdenas.

Colombian Minister of Finance Mauricio Cardenas will sit on three of the four committees.

Findeter recognized Banco de Bogotá for financing an oncology unit at HOMI Foundation – Mercy Hospital in the capital that is helping care for children with cancer.

"Today, more than ever, we need more inclusive, competitive, efficient, and sustainable cities," said CAF head Enrique Garcia.