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The ratings of the development bank, which Fitch terms as an “integral arm of the state,” remain aligned with the ratings of Colombia.

The switch, which will formally take place on September 4, marks the first leadership change for the Bancoldex.

With startup financing often scarce, the goal is to offer "credit that better fits the particular focus of these companies," said Bancóldex President Luis Fernando.

Isabella Muñoz, executive director of Colcapital, has seen private equity in Colombia go from nothing in 2005 to nearly $10 billion USD now among her organization's 99 members.

The loan, which has a 20-year term and an LIBOR-based interest rate, is specifically marked to help encourage private investments.

The Inter-American Development Bank (IDB), through the Banca Nacional de Desarrollo, has announced the approval of a loan for $9.3 million to promote private investment in the generation of renewable energy in areas of Colombia that are isolated or not interconnected to the...

Fitch Ratings last week published a peer review of four state-owned financial institutions in Colombia: Banco Agrario de Colombia S.A. (Banagrario), Banco de Comercio Exterior de Colombia S.A. (Bancoldex), Financiera de Desarrollo Nacional S.A. (FDN) and Financiera de Desarrollo...