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Colombia

Latin America: Most still keep their money under the mattress

Asli Demirgüç-Kunt's picture

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money under the mattress

Handing out a debit card or a 10 dollar bill to the fast-food franchise attendant is probably as natural to most people as buying their lunch every day. Many don't see this as a separate process but as an intrinsic part of the whole "getting lunch" deal.

This, however, doesn't hold true for 250 million people in Latin America and the Caribbean. Over 60 percent of Latin Americans adults are still unbanked and, as a consequence, unable to access plastic, checks, credit or other forms of banking tools that make life easy –and, in some cases, help achieve life goals such as buying a home or saving for retirement.

Back from the brink: visiting Medellin 20 years later

Felipe Jaramillo's picture

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Medellin

Rewind 20 years. Medellin, Colombia, is the murder capital of the world, with over 300 homicides per 100,000 inhabitants.

Pablo Escobar and his drug trafficking cronies are the heroes of the comunas -- the hillside low-income barrios that oversee the skyscrapers of the modern downtown. Shootings, kidnappings and rampant lawlessness are the stuff of daily headlines. Teenage boys in the comunas want to be Escobar henchmen, quick with the gun and fast with the girls. And after Escobar was killed in a graphic shootout with police in 1994, they dream of becoming paramilitary ‘rambos’, inspired by the violent squads that plagued the countryside since the mid-1990s.

Colombia: sewing machines help the displaced weave brighter futures

Ana Revenga's picture

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Displaced woman in Colombia

Imagine that one day you are forced to leave your home with only the clothes on your back. You have no house, land, supplies, work or friends. You cannot return. The only thing you have left is your will to survive and to protect your family. You arrive in a new city to start from scratch. Everything seems overwhelming. You realize you have lost in two ways: as a woman and now as a displaced person.

This is the experience of millions of displaced women in Colombia, such as the ones we met at the Foundation for Development and Progress (FUNDESPRO) in Bogota.The Foundation works with the government to aid victims, especially women, of the Colombian civil conflict, as part of a World Bank initiative supported through the Peace and Development Program.

Colombia: Continued demand for innovative development solutions

Sabine Hader's picture

Colombia: Continued demand for innovative development solutions. © Charlotte Kesl | World Bank

Colombia, a sophisticated middle income country, strives for innovative development solutions. Over the past years, the country made steady development progress in promoting sustainable growth and lasting peace, continued investments in infrastructure as well as strengthening more inclusive social policies. However, despite these favorable economic trends, the level of poverty, inequality and regional disparities persists and more needs to be done.

The current global context means that for development strategies to be effective, they have to include innovative and effective approaches that bring together the best inputs from different sectors. And that’s where the World Bank comes in. Today, the World Bank Group Executive Board endorsed its new five year Country Partnership Strategy (CPS) for Colombia, which will help the South American country consolidate economic reforms, improve infrastructure development and enhance the effectiveness of social programs.

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