The World Bank and the Inter-American Development Bank announced Tuesday in Bogota that they will provide loans of more than $800 million to support the social and economic inclusion of Venezuelan migrants in Colombia.

"Today, the IDB and the World Bank are working hand in hand not as competitors but rather as entities who complement one another's financial efforts and technical cooperation. It's $800 million in long-term financing at a good rate for the development of a comprehensive public immigration policy," said Colombian President Ivan Duque during an event at the Casa de Nariño, the seat of the Colombian government.

In that regard, World Bank vice president Carlos Felipe Jaramillo said that "the project approved by the WB directorate for $526 million combines resources from loans ($500 million) with undisbursed resources for an additional $26 million donated by the international community."