The World Bank has approved $257 million in loans for business development in Colombia and a project designed to improve the country's environment.

In a statement issued Thursday, the bank says its board of directors allocated $250 million to fund a business productivity and efficiency project designed to create businesses, improve their access to financing, and increase overall productivity in Colombia.

The Bank allocated another $7 million to Colombia for a sustainable development project, aimed at reducing air and water pollution, improve hygiene and urban environmental management.

The bank is also loaning El Salvador $27 million to support a poverty reduction program known as Red Solidaria, designed to help the poorest Salvadorans by improving health, nutrition and education in the country.