IDB Group and Financiera de Desarrollo Nacional sign agreement to promote 4G Program in Colombia
The president of the Inter-American Development Bank (IDB), Luis Alberto Moreno, the president of Financiera de Desarrollo Nacional (FDN), Clemente del Valle, and the CEO of IDB Invest, James P. Scriven, signed an agreement equivalent to approximately $200 million to promote infrastructure investments in Colombia. FDN will provide IDB Invest up to 330 billion Colombian pesos, and the IDB up to 270 billion Colombian pesos for long-term lending in local currency. The loan proceeds will be allocated by IDB Invest and the IDB to finance infrastructure projects in Colombia, including public-private partnerships (PPP). In particular, this loan will give a big boost to the 4G Track Program, and it is expected to help accelerate financial closures. This project is the first agreement signed under the new IDB Invest brand, as a private sector arm of the IDB Group. It also emphasizes the focus on PPPs to close the infrastructure financing gap and the importance of leveraging local currency to adapt products to the needs of clients. About IDB Invest IDB Invest, a member of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. IDB Invest finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.6 billion under management and 330 clients in 21 countries, IDB Invest pushes new frontiers to provide financial solutions and advisory services that meet the evolving demands of its clients and markets.IDB Invest, previously known as the Inter-American Investment Corporation, formally changed names in November 2017. About the IDB The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region. About FDN The Financiera de Desarrollo Nacional (FDN) is a private, specialized, technical and independent entity, in charge of mobilizing the actors and resources necessary to achieve the development of the country's infrastructure. FDN’s specialization and knowledge in structuring and financing, allow it to design solutions with sophisticated and innovative schemes and mechanisms aimed at adequately managing risks, drawing and attracting other sources to participate in the financing schemes. The FDN, in its objective of overcoming barriers to financing and providing solutions, promotes efficient financial structures, in order to obtain competitive sources of long-term financing and mitigate the risks of refinancing.