Asofondos called criticism of the millionaire investment of pension funds in public works 'stupidity'

The president of the Colombian Association of Pension and Unemployment Funds (Asofondos), Santiago Montenegro, spoke to the controversy generated by the investment of 4.5 billion pesos in infrastructure projects. He described as' stupidity 'the arguments of those who say that these investments of pension funds, in public works, are not made in any country.

Some people questioned whether Colombians' pensions were paid with tolls on the country's roads, while others said that no pension fund would invest in public works.

Similarly, the president mentioned the comments of citizens who claim that pension funds will pay pensions with tolls. “Investments in highways are an excellent investment, in Colombia and other parts of the world, it is a very high and guaranteed return. In several countries, pension funds and investment funds have put up notices that say: 'worker, with your savings, we build this highway and with the resources of this highway we will finance your old age. '

That is why the manager rated investment in infrastructure as one of the highest in profitability. In addition, he confessed that 70% of the allowances are from these investments.

Finally, Montenegro answered the doubts as to whether the national government will decide on the money that is in the investment funds.

The President of the Republic, Iván Duque Márquez, announced that private pension funds, affiliated with Asofondos, will invest an additional $4.5 billion to increase road coverage and connectivity in Colombia.

The decision was informed after an extensive meeting at Casa de Nariño in which members of the national government such as Finance Minister José Manuel Restrepo and the spokespersons and presidents of the pension funds participated, including the president of Asofondos, Santiago Montenegro.

“With this contribution of an additional 4.5 trillion, there is a funding portfolio for these projects that exceeds $9 trillion and that is close to 1 point of GDP, something truly unprecedented in our country,” explained the president.

He also pointed out that the investment of the funds will be made in companies working on the development of interconnection infrastructure and the development of energy projects, which makes it possible to speak of a portfolio of close to an additional $33 billion.

“I also want to emphasize that when we look at all the equity investment in companies in our country, which are no longer only in the infrastructure sector, but are also in all other sectors, we are talking about more than $64 billion; and the most important thing is that the projection for the next 10 years, can exceed 174 billion billions,” Duque said.

At the same time, he indicated that the injection of funds will seek “the well-being of citizens and is financed responsibly with the savings of Colombians.” Something that, he said, will generate profitability for them, “boosting the country's social and economic development, creating jobs and transforming the regions.”

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