Colombia 2015 | ECONOMY | COLUMN

TBY talks to Gerardo Corrochano, Director Colombia & Mexico of The World Bank, on the banks work in country.

Gerardo Corrochano

What does the World Bank believe is the most effective way for Colombia to administrate its reparation programs and how is the World Bank standing ready to assist?

That is an important aspect of our engagement with Colombia, which alongside with the leadership of President Santos, is devoted to the peace process and reaching a peace agreement. A lot of people are following this development. We are encouraged by what we have seen so far, and we support them, but the role of the World Bank goes beyond this and we are trying to focus on the developmental aspects of this peace process.

Falling oil prices have underscored the importance of structural reform, how should these be prioritized?

Colombia undertook some important reforms, such as the tax reforms in 2012. These have been important, and combined to other reforms, they have led to progress in the financial sector, particularly in non-banking institutions, financial transactions, and factoring. But perhaps the most significant reform that Colombia has taken relates to infrastructure. This is a country that still has a significant infrastructure gap, particularly, for instance, in transport, and the government of Colombia is taking significant measures to close this gap. This is ongoing, and we are working with the government on projects like the Bogota metro.