| Abstract: Historically, stable economic growth rates in Colombia have been instrumental to reduce poverty, and increase public resources for social spending. However, as of the second half of the 1990s, the country entered into a severe economic crisis, when poverty increased four percentage points from 1995 to 1999, fostering an economic recession and persistently high levels of violence. Within this context, the development objective of this strategy will be to support Government efforts towards economic development, through the achievement of fast, and sustainable growth, and, building accountable and transparent governance. The Bank lending program will therefore focus on operations that would have tangible impacts on poverty alleviation, and help Colombia meet the targets for the Millennium Development Goals, in particular through Learning and Innovation Loans, including pilot innovative interventions. The International Finance Corporation ' s increased activity will accompany the Bank ' s enhanced assistance, supporting private sector firms, in areas of corporate governance, environmental and social sustainability, and low-income and micro-financing. Although this CAS faces serious risks (deepening conflict and violence, escalating to the loss of investor confidence), those will be minimized by the broad support, both within Colombia, and internationally, towards equality enhancement, and sustainable development. |
