Project Description:
On May 28, 2025, the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, signed a US$228.88 million guarantee effective May 30, 2025, providing Non-Honoring of Sub-Sovereign Financial Obligations (NH-SSFO) coverage to JPMorgan Chase Bank, N.A. (JPMorgan) for their 10-year non-shareholder loan to Distrito Especial, Industrial y Portuario de Barranquilla (Barranquilla).
MIGA’s NH-SSFO instrument is enabling JPMorgan to extend a long-term COP-denominated loan in support of infrastructure sub-projects included in Barranquilla’s urban development plans - “Soy Barranquilla” (2020–2023) and the current “Barranquilla a otro Nivel” (2024–2027) (the Project). The Project allows for the structuring of two separate MIGA-covered loans. The guarantee signed on May 28 corresponds to the first one.
The Project aims to promote economic growth by addressing social and environmental challenges, particularly supporting vulnerable populations and building resilience to climate risks. Focus areas include education, healthcare, housing rehabilitation, public spaces, transportation, road improvements, and flood infrastructure.
Environmental Categorization:
The Project is a category B under MIGA’s Policy on Environmental and Social Sustainability. Click here for the Project’s Environmental and Social Review Summary.
Development Impact:
The Project is expected to deliver improved infrastructure to citizens of Barranquilla by funding priority investments targeting improved access, quality, safety and environmental sustainability of public infrastructure, with a focus on underserved zones of the city. Moreover, Barranquilla has the potential to leverage its strong implementation capacity to help other municipalities integrate good environmental and social practices and inclusive urban development approaches into their own development planning and public investments. The Project also offers financial additionality supporting Barranquilla’s debt sustainability.
