Bogotá, Colombia, April 26, 2011—IFC,
a member of the World Bank Group, is working with Ecopetrol and the Escuela
Superior de Administración Pública (ESAP) to strengthen the ability of
Colombian municipalities to use revenues generated by the local oil industry
to increase investments in the health, education, water and sanitation
The initiative is helping municipalities
improve investment practices, public procurement, and social accountability
through face-to-face workshops and direct technical assistance to the municipalities
of Arauca, Casanare, Huila, Meta, Putumayo, Santander, and Sucre. The
alliance between IFC, Ecopetrol, and ESAP represents an investment of 750
million Colombian pesos (about $ 390,000
equivalent), including support of
the Norwegian, Spanish, and Swiss governments.
“Ecopetrol is committed to the program’s
framework and supports its strategy for corporate social responsibility,
with the objective to reinforce citizen participation and local public
management,” said Javier Gutiérrez, Ecopetrol’s President.
The initiative builds on a previous
project by IFC and Ecopetrol that helped five Colombian municipalities
improve the use of $55 million in royalties from the oil industry. By
partnering with ESAP, the project will institutionalize and expand the
reach to a larger number of municipalities. ESAP will offer workshops
and advisory sessions with a virtual platform that will meet specific needs
for implementing public investment rules and accessing tools and best practices
developed by the project.
The current project includes 10 additional
municipalities that are improving their processes to help expand basic
services in local communities through making better use of oil royalties
to invest in key sectors.
“IFC’s collaboration with Ecopetrol
and the Escuela Superior de Administración Pública will help improve the
management of public revenues and enhance the quality of basic services
such as health and education for local communities,” said Rachel Kyte,
IFC Vice President for Business Advisory Services. “Our partnership illustrates
the significant contribution that well-managed and responsible extractive
industries can make towards promoting sustainable economic growth.”
IFC’s strategy in Colombia focuses
on supporting sectors that are essential to social and economic development.
IFC business operations in Colombia promote environmentally and socially
sustainable practices, especially in extractive industries.
For more information about Ecopetrol,
For more information about ESAP (School
of Public Management), visit www.esap.edu.co.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in developing countries. We create opportunity for people to escape poverty
and improve their lives. We do so by providing financing to help businesses
employ more people and supply essential services, by mobilizing capital
from others, and by delivering advisory services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit