Colombia: IFC Approves USD 150 Million Loan to BBVA Colombia to Boost Housing Loans
IFC, member of the World Bank Group, approved a loan for USD 150 million to BBVA Colombia, a subsidiary of the BBVA Group, to strengthen the capacity of this financial institution to provide housing loans, and to directly and indirectly contribute to boost the Colombian economy and to improve the living conditions of the population in Colombia.
The loan will allow BBVA Colombia to strengthen the dynamics of growth in mortgage loans, which will play a fundamental role in boosting the development of the housing sector in Colombia and through it, that of the economy. The building sector represents about 4% of the country's GDP and has links with other sectors of the economy such as cement, iron, insurance, real estate services, among others. Likewise, housing ownership levels in Colombia are among the lowest in Latin America, and the country has an estimated housing deficit of about 3.5 million units.