Colombia Law 2409 of 2024: Financing, Innovation and Technological Modernization of the Agricultural and Rural Sector

Colombia Law 2409 of 2024 establishes measures to promote agricultural and rural development through mechanisms facilitating access to finance, innovation and technological modernization. The law requires the updating and interoperability of the Mi Registro Rural digital platform with administrative registries concerning victims, land and ethnic populations, in order to improve the characterization of vulnerable rural communities. It amends provisions of Law 2069 of 2020 to promote coordination among Banco Agrario, financial institutions, cooperatives, investment funds and Fintech companies in developing financial and non-financial products for entrepreneurs, solidarity-economy organizations and micro, small and medium-sized enterprises. It prioritizes agricultural productive projects in PDET and ZOMAC municipalities under the barrier-free credit provisions. The law also authorizes the national government to capitalize the Agricultural Guarantee Fund using profits distributed by Banco Agrario, with the aim of strengthening agricultural finance and rural financial inclusion. Additional provisions promote sustainable production, healthy and responsible consumption campaigns, agricultural education in new technologies and precision agriculture. Within the National Agricultural Innovation System, the law provides for training courses and programs to improve productivity, animal welfare and market access, with the possibility of allocating fifty percent of available places to women, peasants and victims of armed conflict. It also provides for partnerships with universities and SENA and improved access to information on Agro-Fintech and the Rural Registry. Expected outcomes include increased access to financial services, stronger technical capabilities, technological innovation, improved rural information systems and higher agricultural productivity. The law has national scope and no general expiration date.