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.