Cartagena’s request to borrow up to COP 150 billion was discussed at a public hearing in the City Council on November 4, 2026. The following day, the district Finance Department defended Cartagena’s repayment capacity and explained the terms proposed in Draft Agreement 129 of 2026.
What the ten-year and fifteen-year periods mean
Finance Secretary Haroldo Fortich explained that the ten years refer to the financial projection for 2027–2036. That exercise estimates revenue, spending, debt payments and fiscal indicators under a scenario the administration considers conservative.
The fifteen years, by contrast, are the maximum period the district requested authorization to use for repaying the loan, including a grace period of up to two years. According to the Finance Department, that difference would allow negotiations with multilateral financial institutions and development banks.
The hearing was an opportunity to hear positions on the proposal, not an approval of the loan. Defending repayment capacity likewise does not amount to signing a loan agreement or disbursing funds.
Water, drainage channels and housing in the discussion
During the session, the Planning Department presented priorities including the Barú water supply system, a transmission pipeline toward the Northern Zone, work on nine stormwater channels and improvements to one thousand homes, according to Funcicar’s Council Observatory record. These were proposed investments, not projects financed and completed with that loan.
In its comments dated November 4, Funcicar acknowledged that the information in the proposal showed borrowing capacity. At the same time, it called for the investments, their scope and costs to be formally included, questioning whether the submitted authorization would allow funding for any project in the Development Plan.
The organization also warned that repayment over fifteen years would commit future administrations. The debate therefore brought together two separate issues: how much Cartagena can repay and which investments would be specified in the requested authorization.