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The provision is part of a larger, historic $1.36 billion USD bond that covers seismic risk for all four of the Pacific Alliance nations.

The low projection is below the bulk of more optimistic predictions from various other groups that have weighed in.

This was worst performance in eight years — below even the sluggish 1.96% growth of 2016 — and represents the third lowest rate this century.

Growth will be driven by higher commodities prices, improved household consumption, and a more balanced performance across various sectors.

The prediction is slightly below the 3.0% and 2.9% forecasts from the World Bank and IMF, respectively.

The IMF projection is in line with the 2.9% prediction issued last week by the World Bank.

The selected startups will get the opportunity to attend the World Economic Forum on Latin America in March in São Paulo.

Looking further ahead, the World Bank has forecast Colombian GDP to increase by 3.4% in both 2019 and 2020.

The company plans to use the incoming capital to scale up its tech platform, embrace machine learning, and expand in Latin America.

"Latin American economies remain vulnerable to a sharp deceleration in the Chinese economy and its knock-on effects in commodity prices," said Rui J. Pereira of Fitch Ratings.