President of the Republic of Colombia Iván Duque Márquez and EIB President Werner Hoyer signed on 23 July the host country agreement enabling Bogotá to host this new EU representation. The EIB’s new regional office will be the Bank’s first in Central and South America and will help it to strengthen its presence and expand its activities in the region.

The EU is the principal development investor in Latin America. The EU bank provides economic support for projects in Latin America by offering both long-term investment with favourable conditions.

Since it began operating in the region in 1993, the EIB has provided over €8.4 billion to promote economic and social development in the region. This includes Colombia, where the EIB is supporting the construction of Bogotá’s first metro line by providing €400 million.