Colombia and the World Bank

rdf:langString Colombia and the World Bank

rdf:langString Colombia has a long-standing relationship with the World Bank that started in 1946 when the country signed the IBRD Articles of Agreement. During the early years of the World Bank, which was founded in 1945, Colombia served as a main strategic partner when the focus of the institution shifted from the reconstruction of Europe to assisting the development in poor countries. The subsequent cooperation between the World Bank and the country has led to a variety of different projects being implemented. As of November 2018 there has been to a total of over 280 projects, of which 20 are presently active, in an array of sectors such as assistance of the central government, the sub-national government and social protection. The current active commitment amount is US$2.3 billion. The self-proclaimed mission of the World Bank is to reduce the share of the global population that is living in extreme poverty and to increase the income of the poorest 40 percent in every country. In Colombia the percentage of people living on less than US$1.90, which is the international poverty line as defined by the World Bank, has decreased from 16.5 percent in 1996 (earliest data available) to 4.5 percent in 2016. This indicates progress with regard to the first goal. While the GDP per capita increased from US$4,862.07 in 1996 to US$7,531.98 in 2016 (measured in constant 2010 US$), the GINI coefficient decreased from 56.9 to 50.8 during that same timeframe. This is signalling an advancement concerning the second goal. However, inequality remains among the highest in South America.