U.S. government delegation announced Crezcamos, Bancamia, and AyC Colanta projects to improve economic opportunities for Venezuelan migrants and support rural farmers
BOGOTÁ, Colombia – U.S. International Development Finance Corporation (DFC), in collaboration with the U.S. Agency for International Development (USAID), today launched three loan portfolio guaranties with Crezcamos, Bancamia, and AyC Colanta. The financing for Crezcamos and Bancamia will increase access to finance for legal Venezuelan migrants and host communities, while financing for AyC Colanta will support rural farmers and agribusinesses. The projects were announced in Colombia by a traveling U.S. delegation including U.S. Deputy National Security Advisor Daleep Singh, Principal Deputy Assistant Secretary of State for Western Hemisphere Affairs Ricardo Zuniga, DFC Managing Director for Latin America Felizia Bacall, and DFC Chief Operating Officer David Marchick.
“Crezcamos, Bancamia, and AyC Colanta perform vital work aimed at boosting financial resources and economic inclusivity for Colombian communities hosting Venezuelan migrants and Venezuelan migrants; as well as supporting rural farmers to improve livelihoods and food security,” said David Marchick, DFC’s Chief Operating Officer. “DFC, in cooperation with USAID, is proud to launch loan guaranties with these three organizations, all working to make Colombia and the region more inclusive and prosperous.”
Since 2019, Venezuela’s economic and humanitarian crisis has created a massive outflow of migrants into neighboring countries, including Colombia. Migrant communities and the Colombians who host them often lack access to banks and other financial services, creating an enormous barrier to these populations achieving economic independence. Access to financial services and working capital is also a challenge in rural Colombia, where farmers and other agribusinesses struggle to grow, hindering economic growth and food production throughout the country. Through the loan guaranties announced in Colombia, DFC is enabling private sector institutions in Colombia to provide these crucial services and working capital, boosting development and prosperity.
With DFC financing, Crezcamos and Bancamia each expect to mobilize $8 million in lending for a total of $16 million that will benefit local communities. DFC's investment in AyC Colanta expects to mobilize $10.4 million in lending for rural farmers and agribusinesses. The newly announced investments join a portfolio of $1.3 billion in current DFC commitments for Colombia’s private sector. Colombia is a strategic partner for DFC. DFC investments in Colombia represent approximately 3.8 percent of DFC’s worldwide portfolio of investments, and advance priorities such as rural financial inclusion, affordable housing, critical infrastructure, and sustainable forestry.
The U.S. delegation also received a project and status update from the executive management team of Forest First Colombia (FFC). Earlier this year DFC committed to a ten-year $22 million loan to FFC to support its expansion of sustainable forestry on degraded land in eastern Colombia, one of the country’s poorest regions. The project represents an important nature-based solution, furthering the Biden Administration’s effort to combat the climate crisis.
While in Colombia, the U.S. delegation also met with President Iván Duque Márquez and high-ranking members of the Colombian government. The delegation also met with a group of representatives from across Colombia’s private sector and civil society to discuss business and development needs in the country. These meetings were part of as part of a listening tour for Build Back Better World Initiative (B3W), a values-driven, high-standard, transparent, and catalytic infrastructure partnership led by major democracies to further meet the enormous infrastructure need in low- and middle-income countries.
U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.