Boehler and his team is meeting with President Duque and senior government officials; the mayor of Bogotá, Claudia López; and private sector leaders that include the energy, technology, communications, infrastructure, agriculture and finance sectors.

Boehler will also accompany President Duque on a visit to Tumaco to explore opportunities to finance private sector development in the region, as part of several efforts by the United States to support the licit economic development that is necessary for the sustainable reduction of traffic in drugs

As a development bank in the United States, the DFC finances private sector-led projects that help companies expand in emerging markets, foster growth and improve people’s lives. This corporation combines and modernizes the financial development functions of the Private Foreign Investment Corporation (OPIC) and the Development Credit Authority (DCA) of the United States Agency for International Development (USAID), the former US government agencies in charge of these functions.

The DFC is also equipped with new resources and tools to multiply its impact. The improvements include a global investment limit of 60 billion USD (more than double the $29 billion limit that OPIC had) and new financial tools such as capital investments, technical assistance and feasibility studies to more proactively address development needs

The new U.S. International Development Finance Corporation (DFC) is the development bank of the US government. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. Their mandate is to invest across sectors including energy, healthcare, critical infrastructure, and technology projects. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets.

DFC consolidates and modernizes the Overseas Private Investment Corporation (OPIC) and Development Credit Authority (DCA) of the United States Agency for International Development (USAID)

Photo: Twitter @AdamUSDFC

Boehler also highlighted the important role that DFC—through its new tools, authorities, and resources—will play in achieving shared goals in Colombia and across Latin America. President Duque welcomed DFC’s partnership in building a strong foundation for broad-based growth in Colombia and expanding economic opportunities for the country’s underserved communities, particularly women and rural populations, through improved access to credit and other essential services.

In pursuit of these goals, Boehler and President Duque discussed opportunities to strengthen their cooperation in order to more effectively mobilize private sector investment to high-impact sectors including critical infrastructure, healthcare, and technology.

The new U.S. International Development Finance Corporation (DFC) is the development bank of the US government. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. Their mandate is to invest across sectors including energy, healthcare, critical infrastructure, and technology projects. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets.

DFC consolidates and modernizes the Overseas Private Investment Corporation (OPIC) and Development Credit Authority (DCA) of the United States Agency for International Development (USAID)

The funds were approved by the board of the Washington-based Overseas Private Investment Corporation (OPIC), with the bulk of the investment going toward the Rumichaca-Pasto toll road that will connect a crossing on the border with Ecuador with the capital of the Nariño department. The highway “is expected to serve almost seven million vehicles per year by 2020,” according to OPIC.

Photo: In 2013, Colombia inaugurated a new Rumichaca bridge on the border of Ecuador, a route that will be improved by the highway with funding from OPIC. (Photo credit: Xavier Granja Cedeño – Cancillería Ecuador)

“Colombia is a key part of our strategy to invest more across the region,” said Ryan Brennan, vice president of OPIC, during a trip to the Andean nation for the Concordia Americas Summit.

The remainder of the funding, of up to $50 million USD, will contribute to funding the Avenida Capital “Colombia Real Estate Fund II,” (CREF II) which has a goal “to support the development of low- and middle-income housing and sustainable commercial and mixed-used projects in urban areas,” according to OPIC.

Avenida Capital has been investing in real estate projects in Latin America since 2010, with more than 40 projects in Colombia. It is investing in the development of more than 30,000 residential units and 2.7 million square meters of commercial space, according to the U.S. Embassy in Bogotá.

“Like many parts of the world, Colombia has a great need for housing and public spaces to support a growing population of people living and working in urban areas,” said Brennan, “OPIC’s partnership with Avenida will help us address this shortage.”

In addition to this major contribution to projects in Colombia, Brennan said that OPIC, which has a global portfolio of development-related totaling some $23 billion USD, plans to build on this and other projects in Central America and the region’s energy sector to continue investing in Latin America.

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“We look forward to partnering with Colombia’s new government to invest in projects that drive economic growth, build critical infrastructure and create jobs and opportunity in Colombia and throughout Latin America,” said Brennan.