FAQ

 

What does IDEA do?

IDEA is a public promotion and development entity, whose object is to cooperate with the economic, cultural and social promotion by providing credit and guarantee services, and eventually other services in the country preferably of a regional character; those of common interests for several municipalities and of municipal character. It will also be able to provide financing and guarantee services and the other financial services to the Departments and its decentralized entities.

The Institute could by way of exception extend its services to promotion of works at public or private companies destined to rendering a public service or tending to satisfy a community's basic needs and of special importance for the development of Antioquia.  

 

 

Which are IDEA's governing organisms?

IDEA's direction and management are in charge of a Board of Directors and of a manager who is its legal representative.

 

 

Who are the members of the Board of Directors of the Institution? 

According to the Institute's statutes, the Board of Directors is made up of five members: The Governor of Antioquia or a delegated Secretary (who will preside it), the Department's Treasury Secretary, three private individuals named by the Governor. Additionally, the IDEA Manager attends but without voting privileges and the General Secretary of the Institute acts as Secretary of the Board.

 

 

Is IDEA a bank?

IDEA is a promotion and territorial development Institute (INFI), which provides financial services according to a development bank model.

 

 

Is IDEA a public or a private entity?

IDEA is a decentralized public entity of departmental nature for promotion and development. It has legal identity, administrative autonomy and independent patrimony.

 

 

Who is the owner of IDEA?  Who does IDEA depend on?

IDEA belongs to the Department of Antioquia and is inscribed at the Departmental Treasury Secretarial Office, which exercises the control of activities for their coordination with the Department's administration policies and programs.

 

 

Which are IDEA's main products and services?

IDEA offers the following services: promotion or development credits; treasury credits; credits that can be discounted again with national financial funds; discounting acts and invoices; on sight deposits; term deposits; public resources management and project execution management.

 

 

 Who can have access to IDEA's lines of credit?

The Antioquia Department and its decentralized entities; the municipalities of the Department of Antioquia and its decentralized entities; the legal entities that provide services in the Antioquia Department; the private legal entities that perform works destined to providing a public service or satisfy a basic community need of special importance for the development of Antioquia. 

 

 

What sectors does IDEA finance?

IDEA finances projects in the following sectors: education, health, drinking water and sanitation, housing, ways, sports, recreation, culture, energy, making equipment available to the municipalities, agricultural and environmental promotion, institutional strengthening and development, machinery and automobile equipment, and other projects of special importance for Antioquia's development.

 

 

Who approves the projects that IDEA finances?

The credit applications are approved by the Institute's Board of Directors or in its name by the General Manager.

 

 

How does the IDEA supervise compliance with the projects realized with the credits?

The credit resources are handed over in partial layouts according to the execution of the projects being financed. IDEA verifies that the client is complying with the established requirements for each one of the outlays and showing the documents and reports required.

 

 

  1. What must a municipality do to access to a loan?

    The municipality that requires a loan from IDEA must present a petition to the Institute with the following documents:

    Credit form subscribed by the Mayor, where the credit destination is specified, the amount needed and a description of the Project to be financed including technical, financial, social and environmental aspects.

    Municipal Council agreement where the Mayor is authorized to contract the Loan and a certificate by the Council Secretary stating the period said authorization will be in effect.    

    Municipal Planning Office Certificate, stating that the Project to be financed is taken into consideration in the municipal development plan and favorable concept from this same office, about the technical, social, economic and environmental convenience of the Project to be financed.

    Public debt status certified by the Treasury Secretary or the Municipality's Treasurer, containing at least the following information for each credit: entity that grants the credit, destination, pledged income and percentage of pledge, interest agreed upon, payment form, balance of the debt to date, projection of the annual debt service until the expiration detailing capital amortization, the interests and the debt credit balance at the end of the same.

    Budgeting execution of incomes and expenses to December 31 of the fiscal term immediately before, certified by the Treasury Secretary, the treasurer or the competent functionary.

    Budgeting execution of incomes and expenses of the present term, not older than one month counted after presenting the credit application since the presentation of the credit petition, certified by the Treasury Secretary, the Treasurer or the competent functionary.

    Payment capacity certification, according to the norms that govern the matter, issued by the Treasury Secretary, the Treasurer or the competent functionary.

    Certificate stating compliance with the expenses limits declared in Law 617 of 2000, issued by the Municipality Mayor.

    Payments or layouts Schedule, in accordance to the project execution or program to be executed.  

    Possession Act by the Mayor and photocopy of the Colombian identification document ("Cédula").

    For the cases in which it is obligatory according to the norms in effect, it is necessary to annex the evaluation made by a risk rating Company under supervision of the Finance Superintendence, where this credit capability to acquire the new loan is confirmed.

    The rest of requirements needed according to the norms in effect.

 

 

Which are the strategic projects of IDEA?

The Hydroelectric Project of Ituango

The Energy against Poverty program

The advancement made in structuring the Hydroelectric Project of Arma River

The development of the Internet program in the Park for 115 municipalities of Antioquia

The contribution of financial resources for an amount of $13.000 million Colombian pesos for the free education ("Gratuidad en la Educación") program that will benefit 700.000 students of grades 10th and 11th in the Antioquia Department.

The co-financing for an amount of $140.000 million for the development of the Oriental Tunnel

The construction of the Civic Center of Antioquia "Plaza de la Libertad"

The progress made in the designs of "Edificio Tribunales" building

The mining prospecting in Urabá

Manantiales Technological Park Research and Development Project