Posted on April 9, 2018 8:27 am
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Categories: New Economy

So What Happened to the Money? Colombia Admits Investing $0 of Fund for Development in Conflict Areas

Colombia admitted on Friday that it has failed to spend one dollar of an international investment fund of $210 million for sustainable development.

President Juan Manuel Santos triumphantly announced the creation of the Sustainable Colombia Fund (FCS) in September last year together with the Colombian director of the Inter-American Development Bank, Luis Alberto Moreno.

Half a year later his chief of staff, Alfonso Prada, admitted that 0% of the $38.4 million budget for this year was effectively executed.

The FCS is one of five funds that seek to promote peace in Colombia following a peace agreement with Marxist FARC guerrillas in 2016.

Sponsor countries Switzerland, Norway and Sweden had demanded explanations after the government fired FCS chief Marcela Huertas six months after hiring her.

The fund managed by Huertas had failed to execute any investment projects “because it was only approved this year,” said Prada in a televised presentation presided by Vice-President Oscar Naranjo. Adriaan Alsema, Colombia Reports.