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Government Reaches Deal With Banks To Increase Lending

COLOMBIA
  • In a bid to boost economic growth, President Petro said that the government has reached an agreement with the country’s banks to provide almost $14bn in additional loans to the economy. The increase in lending to the country’s productive sectors, including housing, manufacturing and agriculture, will be carried out over a period of 18 months, Petro said in a webcast yesterday. The agreement replaces an initial plan to force banks to provide cheap financing to the economy.
  • Speaking alongside Petro, banking association head Jonathan Malagon said that loans represent a roughly 25% increase in lending to the relevant sectors and will be provided at market rates. Petro added that the government still plans to send other bills to congress as part of its economic reactivation programme.
  • Today, no macro data are scheduled for release, with attention on July unemployment figures on Friday. BanRep will also hold a non-monetary board meeting on Friday.
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