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Government to invest oil royalties in infrastructure, agriculture (Colombia)

Colombia's government plans to spend more of its oil royalties on agriculture and infrastructure, finance minister Juan Carlos Echeverry said at a conference of the Institute of International Finance (IIF), as part of the annual meeting of the IDB in Calgary.

Revenues from higher oil output will go to a sovereign wealth fund that will invest in roads, bridges and agriculture, he said.

Colombia's oil output reached a record high of 861,000b/d in February, up 13.4% compared with the same month of 2010, according to figures released by the ANH hydrocarbons regulator earlier this month.

Last September, Colombia's government approved a new system for handling royalties derived from hydrocarbons production in the country.

The law will come into effect in January 2012.

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