In 2024, Colombia experienced a 35% increase in deforestation compared to the previous year, with forest loss reaching 1,070 square kilometers, according to Environment Minister Susana Muhamad, who recently resigned and took another position in the Gustavo Petro government. This rise follows a significant reduction in 2023, when deforestation fell to just over 792 square kilometers—a 23-year low—from approximately 1,235 square kilometers in 2022.

The Amazon region was notably affected, with deforestation increasing by more than 50% to 680 square kilometers in 2024. Traditionally, the Amazon has been the most impacted area concerning deforestation in Colombia. Minister Muhamad attributed the uptick to medium-sized deforestation operations financed by substantial capital, indicating organized crime involvement rather than activities by rural communities.

Compounding the issue, approximately $70 million USD in environmental funding from the US Agency for International Development (USAID) has been frozen in Colombia following actions by President Donald Trump to reduce the agency’s operations. This funding freeze is expected to predominantly affect conservation efforts in the Amazon.

Despite the increase, the 2024 deforestation figures still represent the second-lowest in the past 23 years. The government continues to face challenges in balancing environmental conservation with economic and social factors, particularly in regions where illegal activities contribute to forest loss.

Photo credit: Matt Zimmerman/Wikimedia.

Aris Mining Corporation has reported its financial and operational results for the fourth quarter (Q4) and full year ending December 31, 2024. In Q4 2024, Aris Mining achieved a net income of $22 million USD and earnings before interest, taxes, depreciation, and amortization (EBITDA) totaling $67 million USD.

Operational Highlights

• Gold Production: The company reported its highest quarterly gold production for 2024, with 57,364 ounces produced during Q4.
• Cost Management: At the Segovia operations, the all-in sustaining cost per ounce sold (AISC/oz) decreased to $1,485 in Q4, resulting in an AISC margin of $58 million USD, a 32% increase from the previous quarter’s $44 million USD.

Project Developments

• Segovia Expansion: The expansion of the Segovia processing facility remains on schedule, with commissioning anticipated in the second quarter of 2025.
• Marmato Mine Expansion: Aris Mining has completed assessments to increase the in-construction Marmato Lower Mine capacity by 25%, raising it from the initially planned 4,000 tonnes per day (tpd) to 5,000 tpd. This adjustment has led to an updated construction completion cost of $290 million USD, including accelerating certain project components into the initial capital phase. The production ramp-up at Marmato is scheduled to commence in the second half of 2026.

Financial Position

As of December 31, 2024, Aris Mining reported a cash balance of $253 million USD, bolstered by increased cash flow generation and the refinancing of its senior notes. Aris Mining Corporation operates the Segovia and Marmato mines in Colombia.

The Marmato Mine, located in Caldas, Colombia, is an underground operation with a current mill capacity of 1,250 tpd. The ongoing expansion project aims to develop the Marmato Lower Mine, which will access wider porphyry mineralization below the existing Upper Mine.

This expansion includes constructing a new 4,000 tpd processing facility, with plans to increase capacity to 5,000 tpd, and is expected to reach full production in 2026.
The company’s strategic initiatives, including the Segovia expansion and Marmato Lower Mine development, are central to its growth objectives. The financial outcomes of Q4 2024 reflect these ongoing efforts.

Aris Mining in Segovia. Photo credit: Aris Mining Segovia/Facebook.

Last year, Finance Colombia announced that a group of former Viva Air executives and investors were launching a new airline with an unexpected twist: They would be operating amphibious seaplanes. With financial backing from Irelandia Aviation, and an experienced management team, the viability of the new venture is virtually assured. Not directly competing with traditional airlines flying large jets from airport to airport, Alma (“soul” in Spanish) Air is planning to serve Colombia’s many islands, navigable rivers, coastal destinations, and quite possibly, even Colombia’s exotic Lake Ayapel.

Executive Editor Loren Moss sat down for a few minutes with Alma Air CEO Rupert Stebbings at Vitrina Turistica, the travel industry’s main event held every year in Bogotá’s Corferias convention center to understand the nascent air carrier’s progress:

Finance Colombia: I’m here with Rupert Stebbings at ANATO Vitrina Turística here in Bogotá. Rupert, aside from being a colleague, a contributor to Finance Colombia, and a friend, is doing something very exciting. And that is, you’re the CEO of Alma Air. And if I understand correctly, Alma is the first seaplane airline service in Colombia. Maybe you could tell us about the concept of Alma and what you guys have in store.

Rupert Stebbings: Sure. Loren, good to see you, man. Not the first, we’re a hundred years late. So, 1919 was the first ever. In the Magdalena and Barranquilla is where Avianca came from.

But, before 1950, all these planes had gone. So, since then, we’ve seen no seaplanes anywhere. Or amphibious, as they say. So, what has Alma looked at? Before the pandemic, we were here, under a code name, looking for information, and speaking to Aerocivil about the prospects. Why? Because the owners of the project had already seen seaplanes and traveled on seaplanes, such as the Maldives, Bahamas, and Alaska, they’re everywhere. And Colombia’s got everything for that. What’s it got? It’s got 20,000 kilometers of river, 3,000 lakes, and two coastlines. So, it’s got everything for seaplanes. It’s had seaplanes before, and we’re back. We’re in the process of bringing seaplanes back in.

Finance Colombia: Tell me about the… Have you gotten good cooperation from not just the national government, but you have to have the regional governments involved? We’re right here in the space that the Department of Bolivar loaned to us. So, there’s some cooperation there. Do you see excitement, or what has been the attitude from the regions and the departments and the localities to the project?

Rupert Stebbings: So, when I first got into this, what was my job? As some say, it’s counting chimney tops. “What’s out there? What’s going on?” So, I went around all the regions, six or seven governors, 10, 15 mayor’s offices. When we went to Aerocivil, we presented 34 letters of support for this project. Everyone, but everyone, loves it. Public, private, hotels, agencies, everyone wants it. Colombia is still completely disconnected.

You can’t get to half the places in this country. Even on a small, normal plane, you can’t get there. In terms of water, some places are just completely isolated. So, the feedback, and I’ve been around here for the whole day, sat down with seven or eight governors’ offices. They’re desperate. And their question is, “When, when, when?” They want it, they see the value, not just for high-end tourism, but there are medical issues.

By using seaplanes that can land on both runways and water, Alma Air will be able to reach every destination in Colombia, including remote airstrips and almost all major rivers.

There are also communities where… I was at the UN event in Cartagena, and the UN is supporting this process hard, they say the fastest way out of poverty is tourism. And if you’ve got the right place, you can do it. And Colombia has thousands of these towns and villages. All you’ve got to do is take the people with the money, to the people without the money, give them a great experience, and everyone’s a winner. So the enthusiasm is everywhere.

Finance Colombia: That’s great to hear because as you know, one of the great things to see in Colombia in the last decade or so is that the Colombians have a hobby that they call “puebleando,” where they like to go and visit the different small towns around. And it’s great when you’re in the coffee country, or when you’re in Antioquia, or here in Cundinamarca, it’s not that hard to do. But there are beautiful places. I was in Bahía Solano last year; Nuqui; we’ve talked about La Guajira and the natural beauty up there, but it’s so isolated. You can’t just get in a car and drive up that way. I would imagine that this is a great development opportunity for these regions.

Rupert Stebbings: The sweet spot for us is places that are like two, two and a half hours by boat, or five or six hours by car. Because normally, in our flight planning, we’ve done, it’s a 20-minute hop in a plane.

So, if you take San Bernardo, the islands, they’re two hours in a fast boat out of Cartagena. More than 40,000 people a year make that trip. It’s 35 minutes on a plane. When you’re on a boat, it’s open water. It’s rough. There are a bunch of places like that. And that’s our sweet spot. That’s where we fit in. And it’s where it’s worked around the world. It’s in Asia, Indonesia, and Vietnam.

A lot of people have found routes like this. And that is a sweet spot. That’s why it works. And that’s why there’s demand. Because, as you say, it’s places like Ayapel. Ayapel is a UN-protected lake. The largest freshwater lake here. You can’t get there. It’s got no tourism. Or it takes so long to get there, especially for foreigners. I’ve got a two-week vacation, right? I can’t be doing five hours in a car. Take me in 20 minutes. I’ll pay the extra. And it’s high-end. But it’s also for everybody. Everyone says, well, you know, it’s X money. It’s X money, but you spend X money on a special event every year.

You take your wife away for the weekend, or your partner for the weekend. Take a seaplane. Go somewhere different. Go to a community. Go to an indigenous set-up. There are tons of places, and you’re correct. Either too far away, too uncomfortable, or completely disconnected.

Finance Colombia: Another advantage is that you all, you and the backers, this isn’t your first dance in Colombia. You guys have been through this before. You guys know what it’s like to take things through Aerocivil, to take things through the Ministry of Transportation. So I would imagine that that’s an advantage, because you already have the relationships, and you already know what needs to be done. What’s been the response from, and I don’t want to be political like one government or another, but what’s been the responsiveness when it comes to getting the regulatory process done?

Rupert Stebbings: Well, to put it in your vernacular, not our first rodeo. I think that’s more your style! But what’s the response been? Obviously, with the backers, we’ve been through this, we had a couple of decades here in total, working with the low-cost airline. We know it’s tough. And what makes it tough? Same with the low-cost airline. It’s a new concept. Low cost is a new concept here.

Seaplanes are a new concept. So there’s fear. Fear of the change, fear of the unknown, fear of writing something off and saying, “Yeah, you can do that,” but something goes wrong. It’s natural. It’s an educational process. We’ve got to educate people. It’s not a plane landing on the water. It’s the cleanest object you can have on the water. It’s cleaner than a motorboat. It’s education. No one’s seen these planes, so they can’t opine on it. They can’t say, “Yeah, I love it.” They don’t understand it. So basically, we’re working with the same people.

We understand bureaucracy. But that’s…when I was in congress; recently in Miami, the world, the whole world has the same problems with regulation and understanding of what a seaplane does and doesn’t do. And we’re working with it, and the experience helps us to be patient. But we believe in the project 100% or more is possible, and we’re going to stick with it.

Finance Colombia: My last question for you is probably the hardest. And I know how people in the airline industry hate this because it’s almost like a jinx or something.

Rupert Stebbings: Go on.

Finance Colombia: And you know what’s coming is, when do you project to be taking passengers?

Rupert Stebbings: Right, so I could give the easy answer, is after we hear from Aerocivil, I have five months on.

Finance Colombia: Okay.

Rupert Stebbings: That gives me an infinite number.

Finance Colombia: Right, right.

Rupert Stebbings: Now, we hope to hear back from Aerocivil next month. The second, we had a first feedback, we had to give them more information. We should hear back from them by March 17, and then we’ll take it from there. Once we get through the first phase with them, a lot of the work is done. It’s going to take us to the autumn in the US, so September or October is a guesstimate. Hopefully sooner, but we want to be… The thing is with this kind of project, it’s not seasonal.

Finance Colombia: Right, right.

Rupert Stebbings: This is year-round travel. It’s not the low-cost where you’ve got to put 180 people in a plane every single day, 10 times. It’s more hands-off. And for that, we’re not that worried…

Finance Colombia: Great, great. Well, I know that you’ve got a quality group of people. Alma Air, you already have a website up and operating, right?

Rupert Stebbings: Yep, flyalma.com.

Finance Colombia: Flyalma.com. OK, great.  You know that I’m going to be watching you guys like a hawk. Looking forward to seeing this. Super excited for you guys. You already know that. And keep us abreast of any good news.

Rupert Stebbings: Of course, naturally. Great seeing you, man. Thank you very much.

Fitch Ratings says Colombia may face rising energy costs in the coming years due to increased reliance on imported natural gas. This shift has been necessary to meet growing demand amid declining domestic gas production. The country’s regulatory framework allows energy companies to pass on higher costs to consumers, but political pressure may mount as higher costs burden the broader economy.

Although hydroelectric power leads Colombia’s electricity generation, the country relies on gas-fired electricity for baseload supply, especially during droughts and high-demand periods. Colombia has historically been largely self-sufficient in natural gas, but imports rose to almost 20% of consumption in 2024 because of lower-than-usual hydroelectricity generation, domestic gas production issues, and geographical imbalances.

Industry associations project that the structural deficit in natural gas will widen, with domestic gas production capacity only meeting 88% of projected consumption in 2025 and 70% in 2026. Colombia’s main gas transporters, Transportadora de Gas Internacional S.A. ESP (TGI; BBB/Negative) and Promigas S.A. E.S.P. (BBB-/stable), are investing heavily in natural gas transportation infrastructure to support increasing gas imports and new onshore gas projects and to improve connectivity within the country.

Courtesy: Fitch Ratings.

Retail gas prices have risen sharply in some regions. In February 2025, Vanti (AAA(col)/stable) announced a 36% price hike in Bogotá, while Empresas Públicas de Medellín (EPM; BB+/negative) hiked prices by 21% in Medellín. Other gas distributors, such as Gases del Caribe (Gascaribe; AAA(col)/stable), Surtidora de Gas del Caribe (Surtigas; AAA(col)/Stable) and Gases de Occidente (GDO; AAA(col)/stable), which supply gas to Cartagena, Barranquilla and Cali, respectively, have maintained domestic supply and moderated price adjustments by leveraging access to smaller fields in northern and southwestern Colombia.

Colombia’s proven gas reserves are declining, with projections indicating only six years of supply remaining by 2025 at the current production rate of 965 giga British thermal units (GBtu) per day. Upstream gas production is dominated by two major producers, Ecopetrol S.A. (BB+/Negative) with around 58% market share, and Canacol Energy Ltd. (NR) with 17%. However, their production rates have fallen in recent years. Total production at the key Cusiana, Cupiagua, and La Guajira fields has dropped to 425 GBTU per day from 550 GBTU per day over the past year.

The decline in domestic gas production, which partly reflects geological constraints, has been accelerated by government policies that deter investments in the oil and gas industry. In 2023, Colombia became the first Latin American country to sign the Fossil Fuel Non-Proliferation Treaty at COP28, and the government announced it would stop issuing new oil drilling and exploration contracts.

Gas distributors in Colombia benefit from a regulated tariffs regime that allows supply costs to be transferred to end users. However, rising energy costs could increase working capital needs and heighten political pressures for energy companies along the value chain.

Even with regulatory measures in place to protect margins, Colombia’s electricity distribution companies’ finances are being strained by rising energy prices experienced in the past year and political intervention. The sector has faced financial challenges due to restrictions on tariff increases imposed by the local regulator since the pandemic and the government’s fiscal challenges, which have resulted in delayed subsidy payments. EPM will likely have to financially support its subsidiary Afinia (AAA(col)/stable), which has been particularly affected by payment delays.

Photo credit: Ken Doerr.

After 20 years of the right-wing robber barons, Gustavo Petro’s arrival was seen as a moment of hope for many. However, despite a rapidly expanding economy and success in areas such as poverty and agriculture, there is an ever-growing sense of chaos.

I remain steadfast in believing the election of an alternative to those who did little to improve poverty, failed in education, and oversaw wanton corruption was a good thing – unfortunately, Gustavo Petro failed to learn his lesson as Mayor of Bogotá that you cannot change the world in four years. He over-promised during his election campaign and has disappointed too many people – and there are still 17 months until he hands over the keys to his office.

This week saw the resignation of his third Ministerio de Hacienda Diego Guevara who will be replaced by German Avila – one wonders if the outgoing minister even had time to unpack his boxes – clumsy in the least, damaging confidence and probably impacting the Peso ($4134) which has weakened this week.

Petro declared a public holiday this week so people could protest in favor of his reform process. Numbers were far from biblical, and regardless, they won’t have an impact. He will only harden the attitude in Congress against the reforms, as politicians rail against perceived anti-democratic behavior.

FDI dropped 22% in February to $759 million USD according to Banco de la República – Colombia – again, confidence is being impacted by the perceived lack of political and economic direction.

Domestic demand remains in rude health with imports according to Departamento Administrativo Nacional de Estadística – DANE Colombia rising 8.5% in January with a 15.5% rise in consumer goods. This, as expected, led to a lumpy deficit of $1.28 billion USD as exports remain under pressure.

This is very much in line with the January ISE (economic activity) report, which saw a higher-than-expected rise of 2.65%. So we continue very much in the same vein, the economy moving steadily ahead, but the politicians, who are already positioning themselves for May 2026, are doing their best to derail confidence in the country.

An uninspiring week.

See you all soon.

Roops.

Never miss Rupert’s latest commentary.
Follow him now on LinkedIn to see What Jumps Out.

Photo credit: Gustavo Petro/X.

If you are visiting Bogotá, Colombia, from another part of the world for a business meeting or a
conference, extend your stay in Colombia for a few days more to enjoy this beautiful country and its
lovely people. Extending your Colombian stay could transform a routine business trip into one of your
most memorable travel experiences.

The country’s breathtaking landscapes, captivating culture, and rich heritage offer the perfect
counterbalance to intensive meetings and networking events. Adding just 3-4 extra days to your trip can
deliver value and experiences that simply cannot be squeezed into a regular business schedule.

The Case For Corporate Leisure

You may have heard the term corporate leisure. Several Travel Management Companies (TMCs) take
a more proactive approach to business travel and offer to extend a business trip. It is something that
many business travelers are beginning to take seriously. Why not extend your business trip to get an in-depth view of the land and business cultures or just a few days of rest?

Stay at a traditional hacienda, tour coffee plantations to understand the bean-to-cup process, and
explore picturesque small towns like Salento

Unique cultural experiences indeed broaden perspectives and rejuvenate the mind. Colombia offers a
handsome return on your time investment with its accessibility, diversity, and value. Rather than rushing
back to familiar surroundings, consider the benefits of extending your Colombian journey beyond
Bogotá’s corporate corridors.

The Ideal Extension: 3–4 Days of Colombian Exploration

For business travelers with limited flexibility, a three to four-day extension strikes the perfect balance
between experiencing Colombia’s highlights and maintaining a reasonable absence from the office. This
timeframe allows for either an exploration of Bogotá’s surroundings or a quick domestic flight to
experience another facet of this diverse country.

Day 1: Immerse Yourself in Bogotá’s Cultural Heart

Begin your extended stay by exploring Bogotá beyond its business districts. The historic La Candelaria
neighborhood offers cobblestone streets lined with colonial architecture, interesting street art, and world
class museums. The Gold Museum (Museo del Oro) houses the world’s largest collection of pre
Hispanic gold artifacts, while the Botero Museum showcases the distinctive works of Colombia’s most
famous artist, Fernando Botero.

For unparalleled views of the city, take the cable car to Monserrate, a mountain peak that rises 10,341
feet above mean sea level. From this vantage point, you’ll be able to view Bogotá’s sprawling urban
landscape against the backdrop of the Andes — an ideal setting to reflect on business opportunities in
this emerging market while enjoying panoramic views.

Day 2-3: Choose Your Colombian Extension

Colombia’s geographical diversity means business travelers face a pleasant dilemma: Which direction
to explore? The country offers a wide choice of holidays. Here are just a few compelling options:

• Option A: Stay in Bogotá, but take excursions to nearby towns and cities. Recommended are either a
  full-day trip to Zipaquirá to visit the underground Salt Cathedral or a 2-day trip to Villa de Leyva — a
  16th-century colonial town where time stands still. Better still, do both!

Zipaquirá Plaza Mayor. Photo credit: Mano Chandra Dhas.

• Option B: Take a flight to Medellín, the “City of Eternal Spring,” to enjoy Colombia’s second-largest city.
  The people of the region, the Paisa, with their warm hospitality, are renowned throughout Latin America.
• Option C: A one-hour flight from Bogotá will take you to Colombia’s famed Eje Cafetero (Coffee
  Triangle). This UNESCO World Heritage region offers lush landscapes where some of the world’s finest
  coffee is produced.

Stay at a traditional hacienda, tour coffee plantations to understand the bean-to-cup process, and
explore picturesque small towns like Salento. The Cocora Valley, with its towering wax palms
(Colombia’s national tree), offers hiking opportunities through cloud forests and breathtaking vistas that
clear the mind after days of intensive meetings.

Day 4: Return to Bogotá with Fresh Perspectives

Whether you’ve explored coffee plantations or colonial streets, your final day offers time to return to
Bogotá, perhaps pick up some final souvenirs like Colombian emeralds, artisanal coffee, and
handwoven textiles. They make thoughtful gifts for colleagues or family that carry more meaning than
standard airport purchases.

Financial Considerations for the Business Traveler

Extending your stay offers surprising value. Colombia’s favorable exchange rate means luxury
accommodations, exceptional dining, and unique experiences come at a fraction of their cost in major
European or North American cities. Many international hotels offer extended stay rates, and domestic
flights between major Colombian cities typically cost between $50 USD and $150 USD—less than many airports
transfers in global financial centers.

Safety and Logistics: The Modern Colombian Reality

Colombia has transformed dramatically over the past two decades. Major tourist destinations maintain
security standards comparable to other global business centers. Hotels catering to business travelers
can arrange trusted transportation and guides, while digital transportation services operate efficiently in
major cities. Mobile telecommunications connectivity is good throughout tourist areas, allowing
executives to stay connected as needed.

Why This Trip Extension Matters

In our increasingly virtual business environment, genuine cultural understanding creates competitive
advantages. A Colombian extension provides context and cultural insights that are impossible to gain from
conference rooms alone. For financial professionals especially, experiencing Colombia’s economic
renaissance firsthand offers valuable perspectives on emerging market opportunities.

When colleagues ask about your Colombian conference, you’ll share not just meeting outcomes but
stories of breathtaking landscapes, world-class cuisine, and cultural experiences that transformed a
business obligation into a meaningful journey. In a career filled with similar hotel rooms and conference
centers across the globe, it’s these distinctive extensions that remain in your memory and enrich your
professional narrative. Extend your trip.

All photos: Mano Chandra Dhas.

The German Embassy, ​​the Sparkassenstiftung für internationale Cooperation Colombia Foundation, and the Mayor’s Office of Medellín signed a Memorandum of Understanding, strengthening women’s financial and business education, with special attention to Medellín’s rural population.

This agreement, managed through the Medellín Cooperation and Investment Agency (ACI), aims to promote financial education through counseling for women entrepreneurs, microentrepreneurs, or those in vulnerable situations, promoting their access to financial services and strengthening their participation in the city’s productive development. This agreement strengthens the scope of the Decididas project, run by the Secretariat for Women, which will train 2,700 women, supporting them from the completion of high school or in accessing economic opportunities that guarantee their autonomy through employment or entrepreneurship.

This agreement, managed through the Medellín Cooperation and Investment Agency (ACI), aims to promote financial education through counseling for women entrepreneurs. Photo credit: Medellín Mayor’s Office.

This is also the district bank’s commitment to education and financial inclusion. Through this strategy, 10,000 women will be impacted during the four years. Of these, 5,000 will receive training in rights, decision-making, personal finance, and digital skills. The other 5,000 will have access to affirmative action measures to complete their secondary education and job training.

This agreement represents a key step in consolidating Medellín as a city of opportunity for women, ensuring effective tools for their economic independence, and promoting their active participation in the social and productive growth of the region.

Photo credit: Medellín Mayor’s Office.

SALT Venture Partners (SALT VP), an investment firm specializing in the education and healthcare sectors, announced the opening of its new Global Operations Center in Bogotá, Colombia. This strategic expansion underscores SALT VP’s commitment to democratizing access to high-quality healthcare education and advancing the training of healthcare professionals across the United States and Latin America. The new office provides the company with space and resources to scale its operations and better serve its growing portfolio of investments and educational alliance partners.

SALT VP has grown its team in Colombia to nearly 200 professionals, supporting a network of more than 90 universities and colleges throughout the United States and Latin America.

“This journey began five years ago with our acquisition of CompuMed Vocational Careers (CMVC),” said Robert Bonds, Head of Education Portfolio at SALT VP and CEO of CMVC. “Today, we have evolved into a dynamic network of companies dedicated to expanding access to quality education. This new Global Operations Center strengthens our ability to empower institutions, helping them provide affordable, career-focused training to students in the nursing and healthcare fields.”

The new facility will also advance the deployment of The SALT Plug & Scale Platform, an innovative framework designed to accelerate business growth through Strategic Capital, Growth Acceleration, Digital Transformation, and Business Optimization services. SALT says this platform enables educational institutions to expand their reach and impact quickly and precisely. The company claims that this new Bogotá center is poised to play a critical role in driving these initiatives forward, ensuring high-quality educational outcomes primarily for Latino students in the US, breaking language barriers, and enhancing workforce readiness.

“This new Global Operations Center represents far more than just a larger space-it signifies a leap toward the future of accessible, high-quality healthcare education across the Americas,” said Pete Pizarro, Managing Director of SALT Venture Partners. “With the integration of AI-driven technologies into The SALT Plug & Scale Platform, we are poised to significantly scale our efforts, ensuring that more individuals gain access to affordable and impactful healthcare education.”

Above photo: Antoine Zervudacki, Robert Bonds, Laura Alejandra Ballen, Christian Alvarez, credit: Salt Venture Partners.

Daniel Quintero, former Mayor of Medellín, made the announcement of his presidential candidacy outside La Alpujarra Administrative Center last Tuesday, March 25. Despite his calls for public support, attendance was sparse, which local media has attributed to the effect of the Aguas Vivas scandal, that involves serious allegations of corruption against him and his administration and for which he would be charged that same afternoon at La Alpujarra.

At the heart of the controversy is a strategic piece of land known as ‘Aguas Vivas’, spanning 142,000 square meters (about 35 acres) in Medellín’s  El Poblado neighborhood. The property, with 70% of its area designated as protected rural land, was originally set aside for public use under former mayor Federico Gutiérrez’s administration. In 2019, its owners agreed to donate the area to the city for the development of a park as part of an urban planning agreement.

However, in 2020, under Quintero’s administration, the decision was reversed. The property was returned to its original owners, and a decree was signed reclassifying its use without approval from the Medellín City Council as required by law, significantly increasing its market value. According to the investigation of the Office of the Attorney General of Colombia, Quintero and his administration planned to have the city repurchase the land at an inflated price—close to $50 billion COP ($12 million USD as of the date of publication)—to incorporate it into the ambitious project ‘Valle del Software’. The investigation into Quintero’s administration has also extended to other public contracts and financial management decisions, further entangling several key officials in the legal process.

The Aguas Vivas scandal is not an isolated incident but part of a broader pattern of irregular modifications under Quintero’s administration. Similar allegations have surfaced regarding the neighboring ‘Guacharacas’ and ‘La Volcana’ lots, which had their classification changed from protected land to developable land.

These alterations were designed to benefit private landowners, who would then sell the properties back to the city at inflated prices. However, in July 2024, it was Quintero who first warned about irregularities with these properties, blaming the administration of Federico Gutierrez and asking the prosecutor’s office to investigate.

“I have filed a criminal complaint seeking an investigation into Mayor Federico Gutiérrez and his officials for what I have dubbed the “Lot Cartel” [Cartel de los lotes]. It involved the increase in the value of private lots by the Medellín Mayor’s Office up to 100 times their actual value, which were then transferred to the Medellín real estate fund, enriching their owners in seconds,” Quintero said via X at the time.

However, his allegations have failed to gain traction and he is the one at the spotlight as the case unfolds. The Office of the Attorney General has charged Quintero, nine former officials, and three people from the private sector with crimes including embezzlement, undue interest in public contracts, and malfeasance. Among those under scrutiny are Carlos Mario Montoya Serna, former Secretary of Territorial Management and Control (who allegedly endorsed the unlawful reclassification of the Aguas Vivas property), Sergio Andrés López Muñoz, ex-director of Urban Planning (accused of facilitating the bureaucratic processes that enabled the land’s rezoning), and José Fernando Rueda Salazar, private developer suspected of benefiting from the land deal.

Quintero’s attempt to shift the narrative by launching his presidential campaign in the midst of these accusations has largely backfired. Adding to the controversy, key political allies with legal troubles of their own, attended the event held last week including Senator Álex Flórez, Miguel Quintero (former mayor’s brother) and Óscar Hurtado (former Secretary of Finance of Medellín).

Headline photo: Quintero at the public gathering in Medellín where he announced his presidential candidacy on March 25 (Photo: X / @MiltonQuinonesC)

Avianca received the award in the “Most Improved Network” category of the Cranky Network Awards 2025. This award is given to the airline that made the most effort to improve its position over the last year. In its fifth edition, the company was recognized for the growth of its network, the increase in its seat offer, and the strengthening of its presence in the US market.

“Receiving two nominations was an honor for us, and to have been awarded the Most Improved Network award is undoubtedly a recognition of the effort of an entire team to offer greater connectivity and access to air transport. The year 2024 was historic, consolidating the largest network in our history and transporting the largest number of passengers in 105 years. We are proud to bet on new destinations and strengthen our offer in the United States,” said Claudio Vélez, Senior Vice President of Network and Alliances at Avianca.

Connectivity between the United States and Latin America

Avianca reaches 21 routes that directly connect the United States with Latin America. The routes are:

1. Miami-Medellín.
2. Orlando-Medellín.
3. New York-Pereira.
4. New York-Medellín.
5. Guayaquil-New York.
6. Quito-New York.
7. Fort Lauderdale-Medellín.
8. Cartagena-Miami.
9. Cartagena-New York.
10. Cali-Miami.
11. Cali-New York.
12. Bogotá-Tampa.
13. Bogotá-Chicago
14. Bogotá-Miami.
15. Bogotá-Orlando;
16. Bogotá- New York.
17. Bogotá-Washington.
18. Bogota-Fort Lauderdale.
19. Bogotá-Dallas.
20. Bogotá-Boston.
21. Barranquilla-Miami.

Headline photo includes Sebastian Porras, Network Planning Specialist, and Claudio Velez, Senior Vice President of Network. Photo credit: Avianca.