CAF approves USD 350 million to boost climate action in Colombia

CAF, Development Bank of Latin America and the Caribbean, approved a loan of US$350 million to finance the "Program to Support Climate Action, Sustainability and Biodiversity" and support the Government of Colombia in its comprehensive strategy to address climate change, environmental protection and biodiversity, as well as the promotion of sustainable finance. This program will strengthen the country's capacity to address climate challenges while preserving its invaluable natural heritage.

The loan will be executed by the Ministry of Finance and Public Credit (MHCP) with the National Planning Department (DNP) as Technical Coordinator. This operation underscores the country's commitment to sustainable development as it aligns with the National Development Plan 2022-2026 "Colombia, World Power of Life".

The financing will focus on three areas of action:

• The implementation of measures to mitigate the effects of climate change and increase the country's resilience to its impacts.
• Protecting and enhancing the environment and biodiversity.
• Advancing sustainable finance that integrates environmental, social and governance criteria in public and private investment decisions.

"Colombia, as one of the most megadiverse countries in the world, has a unique responsibility and opportunity in global environmental protection. With this financing, CAF reaffirms its commitment to sustainable, inclusive and low-emission economic growth, supporting initiatives that will preserve its extraordinary biodiversity and position Colombia as a leader in sustainable development," said Sergio Diaz-Granados, CAF's executive president.