Colombia: WB Approves Loan

The World Bank has approved a $260 million loan to support Colombia’s Natural Disaster Vulnerability Reduction Project, a 10-year governmental program that seeks to reduce the fiscal vulnerability of the state when reacting to natural disasters. The loan is repayable in 14 years and will have a grace period of eight and a half years. The World Bank estimates floods and earthquakes cost Colombia over $1 billion annually.