Colombia gets $31.5 million for hosting Venezuelan migrants

WASHINGTON (AP) — The international community is providing a $31.5 million grant to help Colombia accommodate Venezuelan migrants and refugees as well as the communities that host them.

The funds provided by the Global Concessional Financing Facility — a platform launched in 2016 by the World Bank, the United Nations and the Islamic Development Bank— will be part of a $750 million development policy operation being prepared by the World Bank to support Colombia.

The World Bank said in a press release that the annual cost of hosting more than 1.2 million migrants and refugees from Venezuela is currently estimated at around 0.4% of Colombia's economic output.

The announcement came during the spring meeting held this week by the World Bank and the International Monetary Fund.