March 28, 20 - 6:22 pm - LABS

Colombia allocates $17,3 million to protect employment

The National Government fo Colombia reported that in order to protect the employment in the country, it injected COP 70 billion ($17.3 million) into the National Guarantee Fund.

The idea is to strengthen the cash flow of institutions such as Banco Agrario, Bancoldex and Findeter, so that these institutions can offer payroll financing credit to companies. According to the President of Colombia, Iván Duque, about a third of the amount announced should go to micro, small and medium-sized companies.

According to data from the Colombian Ministry of Labor, small and medium-sized companies are responsible for 35% of Colombian GDP, and account for 80% of the country’s jobs–that is, 16 million workers.