Colombian banks to offer 8% housing loan rates for earthquake victims

Thousands of Colombians affected by the August 10 earthquake are receiving financial relief as banks announce a reduction in housing loan interest rates to 8% for victims. This measure, announced by President Abelardo De La Espriella, aims to ease the burden on families grappling with the aftermath of the 7.4 magnitude quake that struck the country's west.

The banking sector's commitment follows a pledge of over 200.6 billion pesos in donations from businesses made at the ANDI Congress in Cartagena. The earthquake has tragically resulted in 329 deaths, 4,600 injuries, 234 disappearances, and 364 rescues across 16 departments. A total of 317,173 people in 156,994 families have been affected.

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It ratifies what we have seen after the tragedy, the union between the National Government, the business sector, and the territorial entities, we have to work hand in hand because we have to move forward the regions impacted by the earthquake.

These financial measures are part of a broader reconstruction plan spearheaded by the executive branch. This plan includes the establishment of the 'Fondo Milagro' (Miracle Fund) to channel private investment and donations from the banking sector. The construction industry has also committed to allocating a portion of its profits to social housing projects.

María Isabel Ulloa, executive director of ProPacífico, emphasized the unity shown between the national government, the business sector, and territorial entities. "We have to work hand in hand because we have to move forward the regions impacted by the earthquake," she stated, highlighting the importance of the interest rate reduction for affected homeowners. Asobancaria, the banking association, estimates that these economic plans could potentially benefit 2.8 million users.

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The announcement of this interest rate reduction for the homes of the victims is very important. It consolidates the union that has become evident in recent days.