The new loan will increase access to payment systems for Colombians, in addition to promoting greater competition in the industry in favor of consumers. 

Colombia is looking to minimize the use of cash in the country and boost the financial inclusion of its most vulnerable citizens.

Finamiga plans to use the wholesale loan to fund 4,000 retail agricultural loans and 1,000 motorcycle loans.

The lending brings the Fund’s total number of investments to 23 firms globally, as it continues its goal to enhance the everyday lives and livelihoods of smallholder farmers while increasing opportunities for women and younger individuals.

The UNDP's RRF2 program aims to support rural organizations made up of a vulnerable populations.

A recent report found 86 percent of consumers in Colombia — approximately 1.6 million individuals — who had never had a bank account signed up for one between April and November 2020.

The proceeds of the Social Bond will be used to finance access to financing services, with its eligible subcategories: affordable housing and household financing.

The funds are slated to reach 25,000 female-led microenterprises and support the “development of the capital markets and thematic bonds in Colombia.”

The cooperation aims to strengthen the offer of financial products and services to Venezuelan migrants, especially women, with the aim of helping them successfully integrate into the country's social and economic dynamics.

The loan will boost the bank’s ability to increase its lending for low-income housing, women-owned small and medium enterprises, and sustainable agribusiness projects in the country.