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The results are "helping to verify the upper boundary of the mineral reserve envelope for the Veta Sur system,” said Ari Sussman, CEO of Continental Gold.

Bancoldex's "ratings and outlook should move in, line with any potential change in Colombia's ratings," said Fitch.

"Colombian officials had been reluctant to set up refugee-style camps," reports the Associated Press.

Scotiabank is the first Canadian bank to win the top award. Bancolombia beat out last year's winner Banco de Bogotá in the Colombian category.

Frontera's oil-price hedges have now expired, and it believes that this will be a boon for future earnings as it tries to further move beyond its most trying financial times.

Though the bank's liabilities are not explicitly guaranteed by the government, Banagrario maintains a “key role” in developing national agricultural policy.

"We are able to simplify the underwriting process by automating manual processes, thereby increasing operational efficiency," said Valentina Sierra Toro of SURA.

"We were able to capture the profit coming from the higher international oil prices," said Ecopetrol CEO Felipe Bayón.

This is a fall from 2015, when Colombia ranked 103rd overall, and a substantial drop from its ranking of 84th in 2010.

The inaugural flight on the new route will take off on November 17 and tickets will continue being sold for weekend-only travel through April 28 of next year