MIGA to Support Urban Development in Barranquilla, Colombia
WASHINGTON, July 29, 2025 – The Multilateral Investment Guarantee Agency (MIGA), which houses the World Bank Guarantee Platform, issued a guarantee of $228.88 million to J. P. Morgan for 10 years to cover its loan to the municipality of Barranquilla in Colombia. MIGA’s guarantee provides coverage against non-honoring of sub-sovereign financial obligations.
MIGA’s guarantee enables J.P. Morgan to extend long-term, local currency-denominated financing in support of sub-projects under Barranquilla’s urban development plan — “Barranquilla a Otro Nivel” (2024–2027). The plan builds on previous institutional frameworks and focuses on housing rehabilitation, public spaces, transportation, and road improvements. It aims to address social and environmental challenges, with particular support for vulnerable populations.
“We are committed to supporting Barranquilla's ambitious urban development plans through this significant guarantee,” said Hiroshi Matano, MIGA Executive Vice President. “By facilitating long-term financing in local currency, we are helping Barranquilla mitigate financial risks and strengthen its capacity to implement transformative projects. This collaboration highlights MIGA's dedication to advancing sustainable urban growth and improving infrastructure in Colombia and throughout Latin America.”
“This operation exemplifies how innovative financial solutions can empower cities to drive inclusive and sustainable development,” said Mark R. Thomas, Division Director for Colombia, Mexico and Venezuela, World Bank. “By supporting Barranquilla’s vision with long-term, local currency financing, we are helping to unlock critical investments in infrastructure and services that directly improve the lives of its residents — especially the most vulnerable.”
This is MIGA’s second transaction with a Colombian municipality, underscoring its commitment to supporting subnational governments in Colombia and across Latin American and the Caribbean.
“This investment is a powerful sign that we are on the right track — it reflects more than 17 years of consistent public management, built on teamwork with our people and a model that delivers real results,” said Alejandro Char, Mayor of Barranquilla. “With support from institutions like the World Bank, MIGA, and J.P. Morgan, the city will continue advancing projects that close social gaps, create jobs, promote inclusion, and move Barranquilla a otro nivel — to the next level.”
"We are honored to support Barranquilla's transformative urban development initiatives, which are vital for enhancing residents' quality of life,” said Geraldo Guanaes, Executive Director at J.P. Morgan. “This local currency financing underscores J.P. Morgan’s support for sustainable growth, addressing social and environmental challenges, and empowering vulnerable populations for a more inclusive and prosperous future for Barranquilla and its community."
This project aligns with MIGA’s priorities for Colombia, as it mobilizes private capital to support inclusive urban development, especially in lower-income areas. It also supports MIGA’s broader strategy to assist middle-income countries with high inequality, advancing goals of poverty reduction, shared prosperity, and sustainability.
Barranquilla, with a population of 1.3 million in 2024, is the fourth-largest city in Colombia. It is also the capital of Colombia’s Atlantic Department and is home to 47.8 percent of the department’s population.
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
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Contact:
In Washington: Elizabeth Howton, (202) 458-5922 or ehowton@worldbankgroup.org