The World Bank Group Board of Directors approved the 2024-2027 Country Partnership Framework (CPF) for Colombia today. This new strategic alliance, which will guide the World Bank Group work program over the next four years, details the Bank's collaboration with Colombia to achieve the objectives set forth in the National Development Plan and establishes three priorities: promote equitable territorial development and social inclusion; advance the sustainable and inclusive transformation of the economy; and strengthen resilience to climate change and promote the transition to a low carbon economy.
"The newly designed partnership framework marks a milestone in collaborative efforts with the Colombian government and focuses on driving growth that guarantees better outcomes for all Colombians," said Mark Thomas, World Bank director for Colombia, Mexico and Venezuela. "We plan to support the country in its efforts to achieve more equitable and inclusive development, especially for the most vulnerable populations, and to strengthen resilience to climate change with Colombian solutions, among other actions."
The trategy addresses the challenges that Colombians face in their daily lives, especially in lagging areas, including improving access to basic services such as education and healthcare, water and sanitation. It also seeks to create greater social and economic opportunities for all people, with an emphasis on women, Indigenous peoples, Afro-Colombians and other minorities, particularly in remote and conflict-affected areas.
Additionally, the new strategic alliance for Colombia supports the implementation of policies to increase productivity and encourage innovation. It also highlights the importance of the agricultural sector in the economy and its potential to guarantee food security, improve household incomes and promote export-led sustainable growth.
Moreover, it addresses emerging challenges related to climate change and supports efforts to protect the country's vast natural resources, such as the Amazon rainforest. It also focuses on promoting the development of climate-resilient infrastructure, renewable energy projects and financing mechanisms that can help Colombia achieve its ambitious climate goals.
"This strategic plan stresses the importance of attracting private investment to close regional gaps, develop social infrastructure and contribute to combating climate change, in addition to reflecting IFC's strategic priorities for the country: inclusion, sustainability and productivity," said Elizabeth Martínez de Marcano, IFC regional director for Colombia, Mexico, Central America and the Caribbean. "Without a robust, dynamic private sector, Colombia's possibilities for economic growth are limited."
The new plan-which coincides with the 75th anniversary of the first World Bank loan to the country in 1949, which was allocated to the agricultural sector-was prepared jointly by the institutions that make up the World Bank Group: the International Bank of Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). The World Bank will also seek closer collaboration will other external partners, such as the Inter-American Development Bank (IDB), to implement the priorities outlined in the plan.
The strategy has the support of the government of Colombia, represented by the Ministry of Finance and Public Credit and the National Planning Department, and was developed in consultation with representatives of the private sector, academia, civil society, indigenous groups, Afro-Colombians and other development partners.
Colombia will receive support to improve access to healthcare services
The Board of Directors also approved a project today to improve access to quality healthcare services for vulnerable communities and less developed regions, as well to strengthen the resilience of the healthcare system in response to climate change.
The US$300 million program will support the implementation of mechanisms and models for the early detection and treatment of breast cancer in at-risk women and of acute malnutrition. It will also provide comprehensive care to patients with HIV, and access to mental health services for survivors of gender violence and armed conflict. Additionally, the program will support the implementation of mandatory standards to make healthcare facilities more energy efficient and climate resilient. This means safer medical facilities in the event of natural disasters such as earthquakes and floods, plans for more efficient response to climate change, and the use of more sustainable equipment and materials. The program will also support efforts to strengthen local capacities to control diseases through the communication of health risks associated with the environment and climate change.
The IDB will provide additional financing of US$150 million to support these objectives. The Global Fund to Fight AIDS, Tuberculosis and Malaria will complement these resources with a contribution of US$4.5 million.
Download here the complete CPF.
Learn more about the work of the World Bank in Latin America and the Caribbean.
