WASHINGTON, January 24, 2019 — The Global Concessional Financing Facility (GCFF), through the World Bank as its administrative secretariat, announced today the eligibility of Colombia for concessional funding to respond to the needs of more than one million Venezuelans, who have entered the country since 2017 fleeing an ongoing crisis at home.
The GCFF is a global platform that provides concessional funding to middle-income countries delivering a global public good by hosting large numbers of refugees. GCFF funding for Colombia would support projects and programs aimed at improving the lives of Venezuelans who have come to Colombia, including refugees, and the people hosting them throughout the country.
Movement of migrants and refugees to Colombia has put a severe strain on the country’s economy, making it one of the hardest hit in Latin America. The financial costs of the crisis are currently estimated to reach up to 0.4 percent of Colombia’s overall GDP.
“Colombia is very pleased and grateful for the international support to deal with the challenges of the migration wave from Venezuela. Instruments like the GCFF will be of great help to facilitate the fiscal efforts by the government,” said Alberto Carrasquilla, Colombia´s Minister of Finance.
Colombia is the third country to become eligible to benefit from the GCFF which launched in 2016 and has to-date approved US$500 million to help Jordan and Lebanon address an influx of refugees from Syria. The facility has unlocked more than US$2.5 billion in concessional financing for development projects aimed at addressing a range of issues including job creation, health, education and infrastructure.
In declaring Colombia eligible for funding, the GCFF opens a process to mobilize coordinated concessional donor support for projects and programs in support of Venezuelans and host communities in Colombia.
“Countries that are generously hosting large numbers of displaced people are providing a global public good, so it’s right that the international community gives support where it is needed. I’m pleased that through the GCFF, Colombia will receive financial assistance to help thousands of vulnerable people, and the communities where they are living,” said Kristalina Georgieva, CEO of the World Bank.
The GCFF is currently supported by Canada, Denmark, the European Commission, Germany, Japan, Netherlands, Norway, Sweden, the United Kingdom, and the United States. Countries requesting GCFF funding can do so through any of the participating multilateral development banks, including the World Bank, the European Investment Bank, the European Bank for Reconstruction and Development, and the Islamic Development Bank.
In Washington: Kristina Nwazota, +1 202-473-9219, firstname.lastname@example.org
In Bogotá: Maria Clara Ucros, +57 1-3238259, email@example.com
lastupdated: Jan 24, 2019