COLOMBIA: Government Approves Projects For 32 Billion Pesos Using Royalties

(RTTNews) - The Colombian government used its General System of Royalties to approve 12,500 projects for more than 32 billion pesos (US$ 11.32 million), with the average value of each project amounting to 2.5 million pesos. Investments have been directed to transportation (39%), education (14%), potable water and basic sanitation (7%) and housing (7%).

The funding was announced by President Juan Manuel Santos while presenting the balance of the General System of Royalties.

According to the President, the General System of Royalties, which led to a new distribution of funds since 2012, has allowed departments and municipalities that previously did not have these funds to advance new investments to benefit their communities.

"We are leaving the next government 11 trillion pesos saved, that's more than 1 percent of GDP, which the next administration will have at its disposal to invest with mayors and governors," Santos said.