Inter-American Development Bank (IDB) announced the approval of a US $200 loan for a competitive enhancement program in Colombia.
The objective of this 20-year loan is to help boost the country's competitiveness by reducing legal, regulatory and institutional barriers to international trade and business development. The loan will be executed by the Ministry of Finance and Public Credit (MHCP) with technical support from Colombia's National Planning Department (DNP).
“The program seeks to strengthen the institutional framework for implementing the Domestic Agenda for Productivity and Competitiveness and to improve the business climate through targeted interventions,” said Hunt Howell, project team leader.
The Domestic Agenda is an expression of common resolve on the part of government, the regions and the private sector with respect to the strategic actions that the country must take over the short, medium and long terms to improve the productivity and competitiveness of its productive apparatus.
“The Bank's country strategy for Colombia recognizes the importance of the Domestic Agenda as a mechanism whereby the Government of Colombia seeks to reach agreement with subnational entities and the private sector on the strategic direction and actions that must be taken to support and improve the competitiveness environment,” said Howell.
Some of the specific objectives of the competitiveness enhancement program include enhancing the institutional capacity to implement and administer trade agreements, helping the labor force respond promptly to the productive sector's changing needs in the face of free trade, and reducing the red tape burden on businesses in their dealings with government, all in the context of a macroeconomic framework conducive to growth and productivity.
Inter-American Development Bank
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