Banks put 1 out of every 5 pesos invested in innovation projects in Colombia

During the installation of the 22nd Risk Congress, Jonathan Malagón, president of the Association of Banking and Financial Entities of Colombia (Asobancaria), highlighted that There are 41 developed countries in the world, and they all share a common denominator, their financial stability.

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In this context, the union leader pointed out some of the aspects in which Colombia must advance to enter this select group. He explained that ours is an upper-middle-income country, which lacks $6,900 in its Gross Domestic Product (GDP) per capita to achieve the status of a developed country, which in practice means doubling its current level.

He added that It is necessary to allocate more resources to infrastructure, given that investment as a percentage of GDP in developed countries is around 22%, while at the local level around 13% is allocated.

He stated that the Colombian financial system is not so far behind compared to those of developed countries. Malagón argued that Colombia’s strength from a financial point of view lies in having a modern Comprehensive Risk Management System (SIAR), which is Sustainable, Innovative, Accessible and Robust: “Colombia is much closer to the developed world of what one would think. The financial aspect is not an element of divergence, but rather an element of convergence towards the first world.”

He recalled that the total amount of the sustainable portfolio amounts to $72 billion, which represents 10% of the credit portfolio of the entities affiliated with the Association. He emphasized that these resources have been allocated to finance construction, energy and sustainable transportation projects and works, as well as to serve historically underserved populations.

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