The Financiera de Desarrollo Nacional (FDN) and the Instituto de Crédito Oficial (ICO) have entered into a $50 million USD credit agreement under the ICO’s International Channel Line. This initiative aims to support business development between Spain and Colombia by addressing the financial needs of Spanish-affiliated companies operating in Colombia.

The credit agreement intends to fund infrastructure projects for companies with Spanish shareholders domiciled in Colombia. This collaboration seeks to enhance foreign investment in Colombia’s infrastructure sector.

This marks the inaugural collaboration between FDN and ICO under the International Channel Line. Both institutions expressed optimism about establishing a long-term partnership to advance business development between the two nations. Francisco Lozano, president of the FDN, stated, “This credit complements FDN’s financing sources and promotes foreign investment in infrastructure projects that contribute to improving the quality of life for Colombians.”

According to available data, 571 Spanish companies operating in Colombia could qualify for financing under the agreement. Loan repayment terms extend up to 15 years.

Manuel Illueca, President of ICO, emphasized, “This new agreement strengthens ICO’s position in channeling resources to multilateral, public, promotional, or private banks abroad through a traditional and effective program, such as the ICO Lines and their public-private collaboration framework.”

The ICO International Channel Line supports the financing and operations of Spanish-affiliated companies in international markets through partnerships with local financial entities. To date, ICO has signed 45 financing agreements under this initiative, mobilizing approximately €5 billion EUR and supporting more than 500 projects, primarily in Latin America and the Caribbean.

This program simplifies application procedures by leveraging the local market knowledge of partnering entities. It also facilitates financing in local currencies in the countries where the business activities or projects are implemented.

Photo credit: Facebook/Instituto de Crédito Oficial (ICO).

The controversy surrounding the alleged illicit funding of President Gustavo Petro’s 2022 campaign by one of the most powerful smugglers in Colombia, Diego Marín Buitrago, also known as “Papá Pitufo,” continues to grow, while Colombia’s Attorney General’s Office has confirmed that the procedures with Portuguese authorities are advancing towards Marín’s extradition.

In an interview with local magazine Cambio on March 6, Attorney General Luz Adriana Camargo stated that a Portuguese court had initially approved the extradition of Marín to Colombia. However, the ruling was appealed, and the final decision is now in the hands of Portugal’s Supreme Court.

Marín’s case has dominated Colombia’s political agenda in recent months after the appearance of allegations linking him to Petro’s 2022 presidential campaign. In 2022, Marín attended a campaign meeting in a villa near Bogotá where he allegedly handed over $500,000,000 COP (around $120,000 USD as of the date of publication) to Petro’s political strategist, Xavier Vendrell (a Catalan advisor with a controversial role in Petro’s government) in cash.

President Petro has acknowledged the meeting and admitted that the money was received, but once they realized the origin of the money, they returned it. There is no clear explanation as to why the campaign did not immediately report the matter to authorities: Former Attorney General Francisco Barbosa remarked that no formal complaint was filed regarding the illegal funding. “What is worrying is not only [Petro’s] relationship with this man (trips on his plane, meetings and million-dollar contributions to his campaign), but his absolute silence when these events occurred,” Barbosa stated in a post on X.

As reported by popular Colombian news program Noticias Caracol, shortly after a confidential meeting at Colombia’s Ministry of Defense in late October 2023, in which evidence about the criminal network, bribery and corruption linked to Marín was shared, he managed to escape from Colombia to Spain on October 30, 2023, just before authorities could act. The identity of who warned him remains unknown, but it is believed to be a high-level official that attended the meeting.

In April 2024, Spanish authorities arrested Marín in Valencia, but a local court granted him conditional release, prohibiting him from leaving the country while his legal status was reviewed. However, instead of complying with the order, Marín escaped again. He crossed into Portugal, sought political asylum there and shortly the Judiciary Police, in accordance with the international search warrant sent by Interpol and issued by the Colombian authorities, was arrested in December 2024 in Portugal, where he is now under preventive detention awaiting for extradition.

Diego Marín’s criminal network extends far beyond electoral politics. At the time of his arrest in Portugal, he had been under investigation for years for leading one of Colombia’s largest smuggling and money laundering operations. Authorities have identified a vast corruption network that allegedly included high-ranking police and military officials who facilitated Marín’s contraband empire. According to Colombia newspaper El Tiempo, undercover agents—including a major in the Fiscal and Customs Police (Polfa) who initially accepted bribes—were key players in exposing the scheme.

The revelations have already triggered major repercussions within the government. In February, the administration unexpectedly removed General William René Salamanca from his position as Director of the National Police. The decision came shortly before Cambio was set to publish its report detailing Marín’s illicit financial contributions to Petro’s campaign.

President Petro has sought to distance himself from Marín. “I know how much Marín tried to reach me, thinking I was like the others. The truth will come out. His employees will reveal the traps he set. But I am ready—if the Attorney General’s Office does a thorough job—to expose all the infiltration within the state, no matter who falls,” he said in a post on X.

Every week, new revelations surrounding this case emerge or more high-level officials are implicated in the scandal, potentially leading to political and legal consequences in Colombia or at least re-shaping the future of President Petro’s political aspirations.

No amigos de Caracol TV, el señor Marin no logró meter dinero en la campaña.

No desinformen. Meter dinero en campañas es consignar en sus cuentas o usarlos en la misma. Ordené al portador que devolviera ese dinero de inmediato a su dueño y lo hice porque no me interesa ganar con… https://t.co/LjcwWiP436

— Gustavo Petro (@petrogustavo) February 13, 2025

Headline Photo: Diego Marín Buitrago, aka “Papa Pitufo”(Photo: National Police)

Outcrop Silver & Gold Corporation (TSXV: OCG OTCQX: OCGSF DE: MRG) has reported a significant extension of the La Ye vein system at its Santa Ana project in Colombia. Recent drilling has expanded the vein’s strike length by 450 meters, bringing the total to over 500 meters, and has confirmed mineralization extending to a depth of 200 meters.

The Santa Ana project, wholly owned by Outcrop Silver, encompasses 27,000 hectares in Colombia’s Mariquita District, which is historically recognized as the country’s largest and highest-grade primary silver district. The project’s maiden resource estimate, detailed in a June 8, 2023, “NI 43-101 Technical Report” prepared by AMC Mining Consultants, indicates an estimated indicated resource of 24.2 million ounces silver equivalent at a grade of 614 grams per ton and an inferred resource of 13.5 million ounces at a grade of 435 grams per ton.

The La Ye vein is approximately four kilometers south of the existing mineral resource area. Drilling results have demonstrated high-grade silver-gold mineralization in both concentrated zones and broader mineralized intervals. These findings suggest the potential for significant resource growth at the Santa Ana project.

Silver Equivalency Formula (CNW Group/Outcrop Silver & Gold Corporation)

Outcrop Silver’s 2024 exploration strategy focuses on extending known mineralization and testing new high-potential areas along the project’s extensive 30-kilometer mineralized trend. The company aims to demonstrate a clear pathway to substantially expand the resource, positioning the Santa Ana project to develop into a high-grade, economically viable, and environmentally responsible silver mine.

The company emphasizes its commitment to responsible mining practices and community engagement, aiming to contribute positively to the local economy while adhering to sustainable development principles.

Outcrop Silver continues to advance its exploration efforts at Santa Ana, with ongoing drilling and analysis aimed at further delineating the project’s resource potential.

Photo credit: Outcrop Silver.

Libero Copper & Gold Corporation (TSXV: LBC, OTCQB: LBCMF, FRA: 29H) has announced the completion of the Montclar Bridge, a significant infrastructure development at its Mocoa porphyry copper-molybdenum project in Putumayo, Colombia. The bridge, fully permitted before construction, establishes a 2,100-meter access corridor from Montclar to the deposit area, which was rehabilitated during mobilization at the end of 2024.

The Montclar Bridge spans approximately 60 meters in length and 2.5 meters in width, providing a safe crossing over the Mocoa River for both community members and project personnel. This development eliminates the need for helicopter support, thereby reducing operational costs and enhancing efficiency.

Community Collaboration

The bridge’s design and construction were executed under a Mutual Benefit Agreement between Libero Copper and the local Montclar community, the last settlement at the start of the access corridor. This collaboration aimed to address shared economic development needs and improve local connectivity.

Figure 1—New Montclar walking bridge. (CNW Group/Libero Copper & Gold Corporation)

With the new ground access, the transport of drills and supplies is streamlined, facilitating the acceleration of a planned 14,000-meter drilling campaign and setting the stage for further exploration expansion.

About the Mocoa Deposit

Located approximately 10 kilometers from the town of Mocoa in Putumayo, the Mocoa deposit was discovered in 1973 through a regional geochemical survey conducted by the United Nations and the Colombian government. Subsequent exploration programs have included geological mapping, surface sampling, geophysics, and diamond drilling. The deposit remains open along strike and at depth, with ongoing work identifying additional porphyry targets and potential expansion of known mineralization.

Figure 3 – Drill path improvements (CNW Group/Libero Copper & Gold Corporation)

The Mocoa deposit is situated in the Central Cordillera of Colombia, a 30-kilometer-wide tectonic belt hosting several other porphyry-copper deposits in Ecuador, such as Mirador, San Carlos, Panantza, and Solaris’ Warintza. Mineralization consists of disseminated chalcopyrite, molybdenite, and local bornite and chalcocite associated with multiphase veins, stockwork, and hydrothermal breccias. The deposit is roughly cylindrical, with a 600-meter diameter, and high-grade copper-molybdenum mineralization continues to depths exceeding 1,000 meters.

Libero Copper’s holdings cover over 1,000 square kilometers through titles and applications, encompassing most of the Jurassic porphyry belt in southern Colombia.

Photo credit: Libero Copper.

Fitch Ratings has affirmed the national investment management quality rating of Fiduciaria Sura S.A. (Fidusura) at ‘Excellent(col)’, with a stable outlook. This rating pertains to Fidusura’s management of collective investment funds (FIC) and individual investment trusts in Colombia, focusing on traditional assets and economic content.

Key Rating Factors

The ‘Excellent(col)’ rating reflects Fidusura’s competitive, operational, and managerial strengths as part of the Sura Investments platform. This affiliation provides an investment process bolstered by comprehensive research across available assets. The rating also considers the extensive experience and balanced profiles of key personnel in risk and investment areas, alongside a robust control and governance structure that reinforces fiduciary responsibility. Additionally, the rating benefits from the group’s financial support.

Fitch identifies ongoing challenges, including the consolidation of the organizational structure to meet business needs, formalizing performance attribution exercises for traditional asset FICs within committees, enhancing documentation of role characterizations and instructions, and increasing automation in traditional asset workflows, particularly in registration, completion, and compliance processes.

The ‘Excellent(col)’ rating is based on the following category scores:

• Investment Process: ‘Excellent’
• Investment Resources: ‘Excellent’
• Risk Management: ‘Excellent’
• Company and Client Service: ‘Strong’
• Investment Performance: ‘Consistent’

Investment Process

Fidusura’s investment process is integrated into the Sura Investments platform, benefiting from detailed research and quantitative modeling that incorporates reference portfolios to guide investment decisions for certain traditional asset portfolios. The process follows a clear investment philosophy, grounded in internal tools and analysis. Challenges include communicating portfolio performance metrics in formal settings and defining minimum investment limits for alternative asset portfolios.

Investment Resources

Fidusura’s teams are part of Sura Investments’ regional structure and staffed with notable professionals. The fiduciary’s structure is undergoing consolidation, with role changes in the traditional asset investment area. Opportunities for improvement include segregating strategy and execution functions for these portfolios and increasing automation in traditional asset workflows. Alternative funds benefit from the Finansoft platform, enabling effective operations, flexibility, and scalability. Sura Investments provides strong technological support.

Risk Management

Fitch observes a robust control and governance structure within Grupo Sura‘s policies, strengthening the risk control framework. The process maintains independence from asset management functions, ensuring strong influence and balance in front-office activities. Fidusura demonstrates solid management of financial and non-financial risks, notably in credit and counterparty risk management, and has made improvements in operational risk management. The fiduciary has a comprehensive compliance framework with clearly documented policies on conflict of interest management, personal investments, and fair allocation of operations.

Company and Client Service

The fiduciary benefits from deep synergies with Sura Investments across all asset management areas and evident financial backing. These competitive advantages have facilitated business expansion and significant growth in assets under management. Fidusura aligns closely with investor interests by incorporating portfolio performance into variable compensation determinations. The fiduciary maintains a strong client service infrastructure and is working on offering transactional options.

Investment Performance

Overall, strategy performance is considered consistent and in line with peer funds.

Rating Sensitivities

Factors that could lead to a negative rating action include:

• Personnel changes affect turnover and retention metrics.
• Adverse significant changes in any of the five key rating pillars.

Factors that could lead to a positive rating action:

• Fidusura’s rating is at the highest level. However, factors that could provide greater stability include those mentioned in the key rating factors.

This rating was solicited and assigned or maintained at the request of the fund operator or a related third party. Fitch Ratings’ credit rating constitutes a professional opinion and does not constitute a recommendation to buy, sell, or hold any security, nor does it guarantee fulfillment of the rated entity’s obligations.

Photo credit: Grupo Sura.

Colombia’s exports of agricultural and agro-industrial products grew 42.3% in January 2025 compared to the same month in 2024, reaching a total value of $1.1 million USD. This was the highest value recorded for January since comparable data began (1991), underlining the dynamism of the agricultural sector and its growing importance in the national economy.

The growth in exports was mainly driven by the increase in exports of coffee, which increased by $242.6 million USD (105.4%), flowers with an increase of $25.3 million USD (15.4%) and cocoa, with an increase of $17.9 million USD (161.1%). These products led the growth of the sector, which continues to consolidate itself as one of the pillars of Colombian exports.

Dora Inés Rey, acting director of the Rural Agricultural Planning Unit (UPRA), commented: “The growth of our exports reflects the effort and quality of our producers. Products such as coffee, flowers, and cocoa continue to stand out in international markets, demonstrating that the Colombian countryside continues to be a key source of economic development. From the UPRA, we continue to support policies that strengthen the competitiveness of the agricultural sector and its ability to contribute to the sustainable growth of the country.”

In terms of volume, Colombia exported 498,654 tons of agricultural and agro-industrial products in January 2025, which represented an increase of 9.5% compared to the same month in 2024. This increase was mainly explained by sugar exports, which rose by 23,940 tons (55%); coffee, which grew by 20,630 tons (40.7%); and soybean oil, which increased by 6,467 tons (521.2%).

This increase in exports is not only excellent news for the agricultural sector; it is also a sign of the potential that Colombia has to continue positioning itself as an agri-food pantry. The strengthening of this sector continues to be a priority for the government and the UPRA, with the aim of generating more opportunities for Colombian producers, is working on planning that allows the sustainable development of the countryside.

Photo of Cacao fruit, the source of chocolate. Credit: eliasfalla from Pixabay.

The Port of Barranquilla set a new record for cargo movement in 2024, reaching 13.44 million tons, a 9% increase compared to 2023. This marks the highest cargo volume in the Barranquilla’s history.

The impressive growth was driven by all types of cargo. Solid bulk led the way, accounting for 40% of total volume, followed by coke at 24%, liquid cargo at 15%, general cargo at 11%, and containers at 10%. According to the Barranquilla Port Authority, this achievement was made possible through close collaboration between the public and private sectors. Organizations such as Cormagdalena, the Ministry of Transport, Dimar, Findeter, local authorities like the Mayor’s Office and the Governor’s Office, as well as dredging companies, pilots, and other stakeholders played a crucial role in achieving this milestone.

In a press release, the Port Authority emphasized that these results reflect various coordinated efforts to ensure continuous dredging operations, which have improved the port’s efficiency, competitiveness and operations. Officials highlighted that 2024 was marked by extraordinary growth and competitiveness, with nearly two consecutive years of sustained navigational depth above 10 meters.

“This is important, especially to continue to restore confidence in our port zone and it is also a message that invites us to continue improving the operation not only of dredging, but of all the actors in the chain,” said Lucas Ariza, director of Asoportuaria to the local daily El Heraldo.

Looking ahead to 2025, the Barranquilla Port Zone faces several challenges, including the need to enhance security in and around the terminal, strengthen measures against drug trafficking, and increase the inclusion of local communities in the region’s economic development, according to an analysis from the local news outlet El Norte.

Another priority will be improving the sustainability of port operations to ensure long-term growth. They recently signed an agreement with the American Association of Port Authorities of Latin America (AAPA Latam) to join forces, given that this association has a very similar vision to that of the local port industry and recognizes what it has done in Barranquilla and this region.

“The signed agreement strengthens the port sector and allows us to jointly advance in innovation, education and strategic projects and enhances the competitiveness and sustainability of the value chain of this sector,” said Ariza to El Norte.

As Asoportuaria informed by X, Barranquilla’s port activity is off to a strong start, as it grew 18% in January 2025, compared to the same period in 2024.

Headline Photo: Port of Barranquilla (Photo: Asoportuaria / Twitter/X)

This past weekend, in honor of International Women’s Day, the United Nations office locally launched a campaign to seek more equality in Colombia, and boy, is it needed. In a country that is bestrid by machismo and where female unemployment, according to DANE, stands at 15.8% versus 8.6% for their male counterparts, urgent action is required.

Colombia is however something of a paradox. Despite this wanton female unemployment, it has for some years, especially in Latam, been held up as a country with a plentiful amount of female executives—visiting clients frequently commented upon it. I have met with innumerable talented female executives who acted as true role models over the years. Whilst at Bancolombia, I went through the statistics, and they seemed to add up.

Nonetheless, for several years now, we have been inundated locally with panels, think tanks, seminars, webinars, and other women’s groups lobbying for higher female participation in executive roles, boards of directors, etc. However, beyond the fear of slippage towards quotas, which never works, there is the sensation that this adds up to nothing more than “Jobs for the Girls”. These groups are 90% populated by women who are from the same ruling elite who have always enjoyed the same privileges as the men in the same class.

Whilst well-intentioned, it is impossible for them to truly understand the circumstances of the vast majority of women living in Colombia. They may make headlines and create a good photo, but they have had zero impact on moving the overall employment needle. It is instead for the authorities, government at both national and local levels, to form a truly robust strategy to change the direction of travel. At all levels of Colombian society, there are millions of talented women, the opportunities must be found to allow their advancement.

Elsewhere, February inflation data from Departamento Administrativo Nacional de Estadística—DANE Colombia was released on Friday, and it was higher (5.28%) than the 5.17% consensus and also up from 5.22% in January. The main driver was housing, which contributed around 30% of the increase. Education also rose a significant 5% YoY. There are no concerns yet, but with a fast expanding economy, CPI is proving more stubborn than expected by many. Overnight rates remain at 9.5%, and it remains to be seen what Banco de la República—Colombia will do in a few weeks.

Last week, Fitch Ratings (BB+) lowered their outlook to negative due to ongoing concerns about the fiscal situation, and Ministerio de Hacienda Diego Guevara also has it in mind. Having cut $3 billion USD of 2025 spending due to the failure to pass a new tax reform, Guevara is again talking about further cuts to spending, although he is also not ruling out another tax reform.

About it for this Monday.

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Photo credit: MULTIMEDIOSDS from Pixabay.

Fitch Ratings expects the fundamentals of the Latin American real estate sector to remain solid across various countries. While industrial real estate in Mexico is anticipated to benefit from nearshoring in the medium term, growth may moderate as stakeholders react to evolving policies in Mexico, and the US. Revenue and EBITDA growth across the region are projected to continue, driven by stable demand, mergers and acquisitions, and expansion projects. Occupancy levels are generally expected to stabilize, with lease spreads aligning more closely with inflation.

Gradual improvement in occupancy rates and rents is expected to continue beyond 2025

Retail space and shopping malls in major markets such as Mexico and Brazil are expected to maintain strong operating metrics, with rent increases at or above inflation, high collections, and stable occupancy rates. In Chile, growth is likely to be modest, reflecting a gradual recovery in private consumption as the labor market improves. In Argentina, growth is anticipated to remain subdued, though an improvement in consumption may provide an upside for mall operators.

For the regional office segment, issuers prioritize higher occupancy over rent increases. Gradual improvement in occupancy rates and rents is expected to continue beyond 2025, although the pace may be moderated by factors such as oversupply and the prevalence of hybrid work models.

Latin American real estate credit profiles exhibit low to moderate credit risk, supported by strong financial health, healthy capital access, and stable net operating income. Sector leverage remains manageable, with adequate liquidity profiles, minimal near-term debt maturities, and significant unencumbered assets, providing a stable foundation despite potential challenges.

Fitch’s Latin America Real Estate Outlook 2025 is available at www.fitchratings.com.

Headline Image: Shopping mall. Photo credit: stevepb from Pixabay.

Tecnoglass, Inc. (NYSE: TGLS), the leading Colombia-based manufacturer of aluminum and vinyl windows and architectural glass, reported its financial results for the fourth quarter and full year ending December 31, 2024.

The company’s full-year revenues increased by 6.8%, reaching $890.2 million USD, attributed to organic growth, geographic expansion, and entry into the vinyl market. Single-family residential revenue grew by 10.9% year-over-year to $372.1 million USD. Net income for 2024 was $161.3 million USD, or $3.43 USD per diluted share, with adjusted net income at $171.6 million USD, or $3.65 USD per diluted share. Adjusted EBITDA stood at $275.8 million USD, representing 31.0% of revenues, while gross profit was $380.0 million USD, accounting for 42.7% of revenues.

In the fourth quarter, revenues rose by 23.1% to $239.6 million USD compared to the same period in the previous year. Multifamily and commercial revenues increased by 24.3%, and single-family residential revenues grew by 21.3%. Gross profit for the quarter was $106.5 million USD, with a gross margin of 44.5%. Net income for the quarter was $47.0 million USD, or $1.00 USD per diluted share, and adjusted net income was $49.3 million USD, or $1.05 USD per diluted share. Adjusted EBITDA for the quarter was $79.2 million USD, or 33.1% of total revenues.

Tecnoglass reported record cash flow from operations, with $61.1 million USD in the fourth quarter and $170.5 million USD for the full year, representing 61.8% of adjusted EBITDA for the year. Tecnoglass reduced its debt by $65 million USD throughout 2024, achieving a net cash position by year-end. The backlog expanded by 27.6% year-over-year to a record $1.1 billion USD. Additionally, the company returned $19.7 million USD to shareholders through dividend payments during the year.

CEO José Manuel Daes stated, “I am thrilled with our performance in 2024, as we delivered another year of record results driven by market share gains in our single-family residential business, continued momentum in multifamily/commercial demand, and the operational advantages of our vertically integrated business model.” He also noted the company’s resilience despite currency headwinds and highlighted its strong capital position.

COO Christian Daes commented on the robust demand across end markets and the company’s record backlog, providing visibility well into 2026. He acknowledged potential risks associated with proposed US tariffs on aluminum imports but expressed confidence in mitigating negative impacts through identified actions and favorable pricing environments.

CFO Santiago Giraldo provided the 2025 outlook, projecting revenues between $940 million USD and $1.02 billion USD, representing approximately 10% growth at the midpoint. The adjusted EBITDA target is set between $300 million USD and $340 million USD, with an implied adjusted EBITDA margin of 32.7% at the midpoint. This outlook assumes stable Colombian peso exchange rates, continued momentum in vinyl-related revenues, and stable activity in short-term commercial projects. Giraldo expressed confidence in delivering another year of profitable growth.

Tecnoglass Inc. is a producer of aluminum and vinyl windows and architectural glass, serving multifamily, single-family, and commercial end markets. Based in Barranquilla, Colombia, the company’s manufacturing complex provides access to nearly 1,000 customers in North, Central, and South America, with the United States accounting for 95% of total revenues. Tecnoglass products are featured in properties such as One Thousand Museum and Salesforce Tower.

Headline Image Credit: Tecnoglass Inc.