COLOMBIA BUSINESS NEWS – Following suggestions by the World Bank, the Fondo Nacional de Ahorroso (FNA) will be offering real estate buyers the option to purchase without any money down, using the rent with a purchase option.

President Santos in Cartagena
President Santos in Cartagena

President Juan Manuel Santos signed the decree today, giving the Ministry of Finance the task of workiong with the FNA.

The announcement was made during the last day today of  the Cámara Colombiana de la Construcción (Camacol) – Colombian Chamber of Construction, conferene in Cartagena.

Ricardo Arias, president of the FNA, said that the World Bank highlighted the benefits of the program and agreed that it could be replicated, in some parts of the country.

For his part, President Santos said that tenants can become owners through the savings, using their rent towards the purchase.