For Immediate Release Citigroup Inc. (NYSE: C)

IDB Invest Paves the Way for Foreign Investors to Access Money Market Funds in Colombia

May 27, 2024

IDB Invest, the private sector arm of the Inter-American Development Bank Group (IDB Group), became the first multilateral development bank to invest in a domestic money market fund in Colombia to support development projects. This paves the way for foreign investors to participate more actively in the Colombian financial market and manage money market investments in the country.

IDB Invest partnered with Citibank and Grupo Bancolombia Capital to design and implement a structure to allow foreign investors to access domestic mutual funds. It is an unprecedented development in the Colombian capital market.

"Local currency financing is essential to increase development impact through the private sector in Latin America and the Caribbean. Well-functioning money markets are at the center of effective management and pricing of liquidity in domestic markets. Thanks to our strong collaboration with Citibank and Grupo Bancolombia Capital, we are pleased to open new doors for foreign investors to invest in money market funds in Colombia,” said IDB Invest’s Treasurer, Janne Sevanto.

"It has been an incredible journey, and we are truly grateful for the opportunity to collaborate with IDB Invest in this groundbreaking initiative that opened the possibility for foreign investors to access new asset classes in Colombia.  We look forward to continuing this partnership to develop and grow the Colombian capital market," said Felipe Motta, Market Specialist Head at Citi Colombia.

“At Grupo Bancolombia Capital, we are so proud to have the first multilateral development bank, IDB Invest, to invest in two of our Money Market Funds through a local custodian (fiduciary entity). This opens the doors to foreign investors interested in the efficient management of their liquidity, additionally complementing it with medium and long-term investment possibilities. Those are innovative solutions in Colombia and lead us to contribute to deepening the local market for the benefit of the country”. said Mauricio Rosillo, Business Vicepresident at Bancolombia.

This innovation broadens the spectrum of available investment alternatives for foreign investors in Colombia and plays an important role in contributing to the development of domestic capital markets.

About IDB Invest

IDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $16.3 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

About Citibank  
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. Additional information may be found at | Twitter: @Citi | YouTube: | Facebook: | LinkedIn:

About Grupo Bancolombia Capital

Grupo Bancolombia is a financial group with 148 years of experience that operates in Colombia and Central America, and in the US with brokerage and advisory services, serving more than 30 million clients with financial and non-financial products and services. It includes a full range of banking solutions, trading, trust, asset management, leasing, factoring, and investment banking, among others. To generate a positive impact in the community, the organization is driven by its purpose of promote sustainable economic development to achieve everyone’s well-being. As at 4Q23, Grupo Bancolombia’s total assets were USD 89 billion, and net loans of USD 62 billion. The company’s shares are listed in NYC since 1995.

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