Colombia gets $31.5 million for hosting Venezuelan migrants

WASHINGTON — The international community is providing a $31.5 million grant to help Colombia accommodate Venezuelan migrants and refugees as well as the communities that host them.

The funds provided by the Global Concessional Financing Facility — a platform launched in 2016 by the World Bank, the United Nations and the Islamic Development Bank— will be part of a $750 million development policy operation being prepared by the World Bank to support Colombia.

The World Bank said in a press release that the annual cost of hosting more than 1.2 million migrants and refugees from Venezuela is currently estimated at around 0.4% of Colombia's economic output.

The announcement came during the spring meeting held this week by the World Bank and the International Monetary Fund.

Other News

Global stocks drift lower as investors await US data

Aug 16, 2016

Shares were lower across global markets on Tuesday in sluggish trading, while oil prices resumed gains

Home Depot rides housing boom to record sales, profit

Aug 16, 2016

Home Depot posted record sales and earnings during its second quarter and raised its profit expectations for the year as housing market continues to warm up

Hedge-fund manager Cohen settles with US commodities agency

Aug 16, 2016

Billionaire hedge-fund manager Steven A. Cohen agrees to stay away from commodities business in deal with US agency

The Budget Report seeks to provide comprehensive coverage and analysis on the current economic, financial issues around the world. First hand finance and economic news all day, every day.

Contact us: sales@thebudgetreport.com