San Andres progresses with public service company launch

The government of San Andres, a Colombian island in the Caribbean has said it will discount its monthly service invoices so users can buy shares in water utility IPSA, El Tiempo reported. Each user will have the right to acquire three shares at a price of 1,000 pesos each and can amass points through their invoices with which they can get them, according to the newspaper. Ipsa provides water and sewerage services to 13,900 people and already has 438 shareholders in the hotel and business sector. Island administrators have received government approval to create the public services company that will be operated by the private sector to be selected via a public bidding process under a 10-year contract. The national government will provide an initial 10bn pesos (US$3.7mn) in start up capital so that the company can get started from the national development plan and provide guarantees for the creation of a social capitalization fund through levying a percentage on rate collections to finance the operation and expansion of island services. San Andres is a tourism center, and has been a duty-free port since 1953.