Colombia’s government told its Pacific Alliance partners this week that it will send Congress the bloc’s free-trade agreement with Singapore, a step meant to bring Bogotá into line with Chile and Peru, where the pact has been in force since May 2025.

The pledge came at the first meeting of the Alliance’s High-Level Group hosted by Mexico since it took over the bloc’s rotating presidency from Colombia earlier this year. The Grupo de Alto Nivel (High-Level Group, or GAN) — the vice ministers of foreign trade and foreign relations from Chile, Colombia, Mexico and Peru — met August 20 and 21, 2026, in Mexico City, in a session that photos released by the Alliance place inside Mexico’s Secretaría de Economía (Ministry of Economy).

Colombia’s vice minister of foreign trade, Sandra Carvajal Sáenz, told her counterparts that President Abelardo de la Espriella’s government would submit the Pacific Alliance-Singapore agreement to Congress for the legislative and Constitutional Court review that Colombian treaties require before they can take effect. Singapore, Chile and Peru completed those procedures and put the deal into force on May 3, 2025, three years after it was signed at a Pacific Alliance presidential summit in Colombia; Mexico and Colombia are the two Alliance members that have yet to ratify it.

The High-Level Group’s agenda covered four areas. On regional value chains and regulatory cooperation, the vice ministers looked for ways to integrate production across the four countries and cut the regulatory barriers that keep exporters from adding value before selling into outside markets. On public-private coordination, they discussed concrete steps to link the bloc’s technical working groups with governments and with the private-sector Consejo Empresarial de la Alianza del Pacífico (Pacific Alliance Business Council, or CEAP). On small and medium-sized enterprises, the goal is turning those businesses into a bigger driver of the bloc’s trade and growth. And on trade promotion, the vice ministers discussed how the four countries’ promotion agencies affect trade, investment and tourism, and agreed those agencies need to be a governmental priority. Carvajal told her counterparts Colombia was “fully willing to work hard, constructively and decisively with our Pacific Alliance partners to actively contribute to this integration mechanism having an increasingly tangible impact on our economies and, above all, on generating jobs and opportunities for our citizens.”

The vice ministers’ meeting followed a forum the CEAP held on attracting foreign investment to the bloc’s four economies. Speaking on behalf of Commerce, Industry and Tourism Minister Mauricio Gómez Amín, Carvajal said legal and regulatory stability — along with tools such as free-trade zones and trade-facilitation mechanisms — are priorities for the ministry. Gómez Amín made the same point in an August 10 statement from the ministry announcing his appointment: “Colombia needs clear rules, legal certainty and a government that sees business as an ally, not an adversary,” he said. “We are working to unblock projects and bring domestic and foreign capital into infrastructure, logistics, energy, connectivity, agribusiness, tourism and exportable services.”

Carvajal is one of two vice ministers Gómez Amín swore in on August 14, 2026, alongside Manuel Alejandro Naranjo Giraldo as vice minister of business development, El Heraldo reported. She joined the ministry after 17 years at ProColombia and, most recently, as the Caribbean regional manager for the exporters’ association Analdex. Gómez Amín, a Barranquilla lawyer and former senator, took over the ministry after de la Espriella’s government was sworn in this year, El Tiempo reported.

Mexico assumed the Pacific Alliance’s rotating presidency from Colombia on January 30, 2026, after Colombia closed out its own term with the signing of the Bogotá Act. The bloc, created in 2012 by the presidents of Chile, Colombia, Mexico and Peru to pursue free movement of goods, services, capital and people among its members, is also working through Costa Rica’s bid to join, a process that began when Alliance ministers accepted San José’s candidacy in December 2024, under Chile’s presidency, and has continued through working-group sessions on framework-agreement compliance and trade-protocol negotiations since.

Carvajal used the Mexico City trip to also hold separate bilateral meetings with counterparts from Costa Rica, Mexico, Chile and Peru, the ministry said.

Headline photo: Vice ministers of foreign trade and foreign relations from Chile, Colombia, Mexico and Peru meet as the Pacific Alliance’s High-Level Group at Mexico’s Secretaría de Economía in Mexico City, August 21, 2026. (Photo courtesy Pacific Alliance)

A magnitude 7.4 earthquake struck western Colombia on August 10, 2026, with an epicenter about 20 kilometers from San José del Palmar in the department of Chocó, according to the United States Geological Survey. As of August 25, Colombia’s Unidad Nacional para la Gestión del Riesgo de Desastres (National Disaster Risk Management Unit, UNGRD) counted 331 dead, 4,439 injured and 240 people still missing, with 16 departments and 494 municipalities affected.

Ookla, the company behind the Speedtest and Downdetector network-monitoring platforms, has published an analysis of how Colombia’s mobile networks behaved in the hours and days that followed. Combining Speedtest data, background signal-scanning telemetry and Downdetector’s outage reports with the USGS ShakeMap seismic model, Ookla found that network failures tracked the intensity of the shaking closely, but that the worst of the damage did not arrive during the earthquake itself. It arrived hours later, and in Chocó, more than a day later, as backup batteries at cell sites ran down faster than utility crews could restore electricity.

Outages tracked the shaking, then kept getting worse

Service availability held roughly steady in zones that experienced shaking below 6 on the Modified Mercalli Intensity (MMI) scale, a measure of shaking severity rather than the earthquake’s magnitude, and began deteriorating rapidly above that threshold. In areas that registered MMI 8, severe enough to cause substantial structural damage, 22% of mobile devices lost service in the hours that followed, compared with a normal baseline of about 2%. Ookla’s modeling found that ground-motion intensity accounted for 45% of the variation in service loss, with distance from the epicenter explaining another 34%.

The worst point did not come until four and a half hours after the main shock, when 27% of devices in the most intensely shaken zone were without service. In Chocó, where the earthquake originated beneath San José del Palmar, the share of devices without service kept climbing for a full additional day, reaching 42%.

Devices without mobile service kept climbing for hours after the shaking stopped, peaking at 42% in Chocó a day later. (Chart: Finance Colombia)

Power, more than the shaking itself, decided who stayed connected

Colombia’s electrical grid absorbed the earthquake’s second-order damage. Chocó lost essentially all of its electricity supply, while the coffee-growing Eje Cafetero region lost about 80% of demand and Valle del Cauca about 70%, according to Ookla’s analysis of data from grid operator XM. Colombia’s Ministerio de Tecnologías de la Información y las Comunicaciones (Ministry of Information and Communications Technologies, MinTIC) separately counted 3,403 base stations out of service, equivalent to 46% of those it evaluated across seven departments; in Risaralda, the figure reached 77%. XM reported that 86% of electricity demand had been restored by the afternoon of the day after the quake, and mobile-network recovery tracked the pace of that grid restoration closely.

Downdetector registered an anomaly in consumer-submitted problem reports just 34 minutes after the rupture. But reports per million residents were roughly 18 times lower in severely shaken zones than in moderately shaken ones, an inversion Ookla attributes to a simple constraint: residents in the hardest-hit areas needed working connectivity to file a report in the first place.

Chocó lost its entire electricity supply, while the Eje Cafetero and Valle del Cauca lost about 80% and 70% of demand. (Chart: Finance Colombia)

Redundancy mattered more than any single site surviving

Claro reported the largest share of downed sites among the four national networks in the hardest-hit areas, roughly one in five, yet held its peak share of users without service to 10%, the lowest of the three operators for which Ookla reported that figure. Movistar recorded the highest peak user unavailability, at 16%, while Tigo reached 13%. Sites that stayed on the air served a wider area than usual and carried signal roughly 3 decibels weaker on average as a result. Devices on the network then marketed as WOM connected to competitors’ networks at a rate that rose from 8% to 13% of its host-network traffic, and observations of Movistar devices roaming onto Tigo’s network more than quadrupled. Ookla did not report a peak user-unavailability figure for WOM itself.

Claro held peak user unavailability to 10%, the lowest of the three operators Ookla measured, despite losing the most sites. (Chart: Finance Colombia)

The roaming shift also reflects a change in market structure that was already in place by the time of the earthquake: two of the four networks Ookla compared were, as of the earthquake, sister brands under a single owner. Millicom International Cellular (Nasdaq: TIGO) completed its purchase of Empresas Públicas de Medellín‘s 50% stake in Tigo-UNE in January for $571 million USD, then closed its purchase of a 67.5% controlling stake in Movistar’s Colombian unit, Colombia Telecomunicaciones, from Telefónica (BME: TEF) the following month for $214 million USD. Millicom completed a second purchase in April, buying the Colombian government’s remaining 32.5% stake in Colombia Telecomunicaciones for approximately $237 million USD to become its sole owner. Claro is operated by América Móvil (NYSE: AMX; BMV: AMX A). The operator Ookla and contemporaneous Colombian press referred to simply as WOM has since been ordered by Colombia’s Superintendencia de Industria y Comercio (Superintendency of Industry and Commerce, SIC) to stop using that brand amid a trademark dispute with its former Chilean licensor, WOM SpA, and now operates as Partners Telecom Colombia.

Demand surged onto a diminished network

Restoring a site to service did not mean restoring its performance. In the hardest-hit departments, latency under load rose from 633 milliseconds to 903 milliseconds and packet loss doubled even as the share of devices without service was falling, a sign that reconnecting users loaded a network that was still running on reduced capacity. In Valle del Cauca, median mobile download speed fell to 8.24 Mbps on the afternoon of the earthquake, compared with 28.99 Mbps on comparable Mondays. Speedtest activity itself fell by about a third on the first day, then more than doubled its normal level on the second day as more users regained enough connectivity to test their own service.

Latency and download speeds worsened in the hardest-hit departments even as more devices reconnected. (Chart: Finance Colombia)

Satellite was the fastest redundancy layer to arrive

In the most affected zones, legacy 2G and 3G connections’ share of cellular activity more than doubled as devices fell back to older networks, and the share of fixed-network speed tests carried over satellite nearly tripled on the day of the earthquake. Starlink offered free satellite internet service in five affected departments — Chocó, Caldas, Valle del Cauca, Risaralda and Quindío — within 30 hours of the earthquake. Ookla recorded roughly a 40% increase in Starlink utilization, with median download speed rising from 86.83 Mbps to 96.81 Mbps despite the additional demand.

Starlink’s free service in five departments saw usage rise about 40% while median speeds also improved. (Chart: Finance Colombia)

Ookla noted that Colombia had no direct-to-cell satellite network available during the emergency; the only device-to-satellite signals it detected came from Entel’s service operating across the border in Peru. Chile, by contrast, has offered a commercial direct-to-cell service between Entel and Starlink since November 2025, letting compatible phones connect straight to satellites without a dedicated terminal when terrestrial coverage fails.

Bogotá’s response, and the gap Ookla says remains

Colombia’s Ministry of Information and Communications Technologies activated a Sectoral Contingency Plan within days of the earthquake, ordering telecommunications operators under Circular 0028 to keep networks available to emergency authorities at no cost, making calls to the 123 emergency line free even for users without an active balance, and granting the Comisión de Regulación de Comunicaciones (Communications Regulation Commission) temporary power to require operators to share surviving infrastructure. The ministry also said it was evaluating a temporary allocation of spectrum for direct-to-device satellite connectivity. “Connectivity can save lives in the places affected by the emergency,” the ministry said in announcing the measures, as reported by Semana.

Ookla’s own conclusion points at a gap that policy has not yet closed: Colombia currently has no minimum backup-power requirement for network sites, a category of rule that resilience research, including work by the Organisation for Economic Co-operation and Development, identifies as central to keeping networks alive through an extended electrical failure. Chile offers a comparison of what such a rule looks like once regulators write it down. After a nationwide blackout in February 2025 exposed the same vulnerability, Chile’s telecommunications regulator, the Subsecretaría de Telecomunicaciones (Undersecretariat of Telecommunications, Subtel), published a decree in January 2026 raising the mandatory battery-backup requirement for critical cell sites from four hours to six. Chile had already learned a version of this lesson once before: after the country’s 2010 Maule earthquake, researchers found that only about 2% of the base stations that eventually failed had been damaged directly by the shaking, while most failed later, as backup batteries ran out. Claro and Tigo reported having restored more than 90% of their earthquake-damaged infrastructure in Chocó, Valle del Cauca and the Eje Cafetero by August 14, but Ookla’s data suggest the next earthquake will pose the same question this one did: how long the batteries last after the lights go out.

Ookla and Downdetector have been under joint ownership since June, when technology and consulting firm Accenture (NYSE: ACN) completed a $1.2 billion USD acquisition of the connectivity division of Ziff Davis (Nasdaq: ZD), which had previously owned both platforms.

LATAM Airlines Group (NYSE: LTM; Santiago Stock Exchange: LTM) reported net income of $125 million USD for the second quarter of 2026, down 48.2% from the same period a year earlier, even as revenue rose almost 28%. The Santiago-based group published the results on August 4, 2026.

Revenue reached $4.18 billion USD, up 27.6% from $3.28 billion USD in the second quarter of 2025. Adjusted operating income fell 46.3% to $227 million USD, and the adjusted operating margin narrowed to 5.4% from 12.9%. Adjusted EBITDA totaled $713 million USD, down 16.1%.

Aircraft fuel costs rose 93.1% to $1.71 billion USD, an increase LATAM attributed in its earnings report to jet fuel prices driven higher by geopolitical tensions in the Middle East. The average all-in price the group paid, including hedges, rose 81.3% to $194.50 USD per barrel, while consumption rose 6.8%.

“The second-quarter results demonstrate the group’s structural strength, the value proposition offered to customers and its ability to operate in a volatile and uncertain environment,” said Ricardo Bottas, chief financial officer of LATAM Airlines Group. He added: “The group remains firmly committed to the disciplined execution of a profitable growth strategy. LATAM’s diversified business model — which includes revenue from the Premium segment, integrated cargo and loyalty businesses, and a strong financial position — provided the foundation for maintaining profitability even during a seasonally weaker quarter and amid unprecedented fuel-price pressures that had a significant impact on the group’s costs.”

Passenger revenue rose 27.9% to $3.61 billion USD, which LATAM said showed its ability to “pass through higher fuel costs to fares without compromising demand.” Passenger unit revenue rose 17.5% to 8.1 US cents even though capacity grew 8.9%. The premium segment produced 29% of passenger revenue. Cargo revenue rose 21.8% to $510 million USD on 17.8% higher yields, and the group moved 261,000 tons. LATAM Pass reached 56 million members, who accounted for 67% of passenger revenue.

LATAM operates domestic airlines in Brazil, Chile, Colombia, Ecuador and Peru. It filed for Chapter 11 bankruptcy protection in May 2020, emerged on November 3, 2022, and relisted its American depositary receipts on the New York Stock Exchange in July 2024. Its Colombian subsidiary operates inside a joint venture with Delta Air Lines (NYSE: DAL) that Colombia’s Aeronáutica Civil (Civil Aeronautics), or Aerocivil, approved without conditions in May 2021.

In Colombia, LATAM Carried 5.2 Million Passengers in the First Half

LATAM Airlines Colombia said the group carried 5.2 million passengers during the first half of 2026 across its domestic network and on international routes to and from the country. Bogotá–Medellín remained the busiest domestic route, at 754,925 passengers, up 4% from the first half of 2025. Bogotá–Cartagena grew 11% and Bogotá–Barranquilla 10%. Bogotá–Montería grew fastest, at 27%. On international routes to and from Colombia, the airline reported growth of 46% to Brazil through the São Paulo hub and 18% to Orlando, both against the first half of 2025.

LATAM Restores Its 2026 Outlook but Trims Spanish-Speaking Capacity Growth

LATAM restored every parameter of its 2026 outlook, capacity and revenue among them, and raised its revenue range to $17.3 billion USD to $17.7 billion USD from the $15.5 billion USD to $16.0 billion USD it issued in December 2025. Adjusted EBITDA guidance of $4.1 billion USD to $4.4 billion USD sits above the $3.8 billion USD to $4.2 billion USD range set in May 2026, but below December’s $4.2 billion USD to $4.6 billion USD. Adjusted operating margin guidance stands at 12% to 13%, against an original 15% to 17%. The company assumes jet fuel at $147 USD per barrel in the third quarter and $130 USD in the fourth.

Capacity guidance moved in two directions. For the four Spanish-speaking domestic markets LATAM serves — Chile, Colombia, Ecuador and Peru — the group cut full-year growth to 4% to 5%, from the 5% to 7% it issued in December 2025; capacity across those four countries grew 5.3% during the second quarter. Guidance for Brazilian domestic capacity rose, to 8% to 9% from 6% to 8%, and group-wide capacity growth guidance narrowed to 9% to 10% from 8% to 10%.

Liquidity Reaches $4.23 Billion USD and Shareholders Back a Buyback

The group generated $476 million USD in adjusted operating cash flow and ended the quarter with $2.65 billion USD in cash. Including undrawn committed credit lines, liquidity stood at $4.23 billion USD, or 26.2% of revenue over the previous 12 months. Adjusted net leverage held at 1.5 times, below the 2.0 times ceiling set in the company’s financial policy. At an extraordinary shareholders’ meeting on August 3, 2026, shareholders approved the repurchase of up to 5% of subscribed and paid shares over as long as five years, delegating the launch, mechanism and conditions to the board of directors.

LATAM Expects 28 More Aircraft and Its Brazil Unit Maps the E2 Network

LATAM took delivery of nine aircraft and ended the quarter with a fleet of 383, comprising 304 Airbus (Euronext Paris: AIR) jets and 79 Boeing (NYSE: BA) aircraft, 20 of them freighters. The group expects 28 more deliveries over the rest of the year.

LATAM Airlines Brazil separately set out the first deployment of its Embraer (NYSE: EMBJ) E195-E2 fleet. Through March 2027, up to 14 of the jets are expected to operate 42 domestic routes, eight of them new: four linking Guarulhos with the new destinations of Cabo Frio, Macaé, Ji-Paraná and Rondonópolis, plus four connecting existing bases. LATAM Airlines Brazil will then serve 67 domestic destinations, against 44 in 2019, and is evaluating up to 18 more for a second phase in 2027.

The decision that kept foreign rescue teams out of Colombia in the first days after the August 10 earthquake did not originate with the government that has spent the past week defending it. It originated with Javier Pava Sánchez, the acting director of the country’s disaster-risk agency, an appointee of former President Gustavo Petro who was still holding the post four days into Abelardo de la Espriella’s administration, and it is set out over two pages under his own digital signature.

The letter, reviewed by Finance Colombia and filed under radicado (case reference) UNGRD 2026EE14740, tells Foreign Minister Omar Bula Escobar that Colombia’s own accredited capacity is sufficient and that “at this stage of the emergency, it is not necessary to request or activate the deployment of specialized international search-and-rescue teams (USAR).” The document’s embedded digital signature records a signing time of 1:45:08 p.m. on Tuesday, August 11. Pava has since said publicly that it went out at 1:20 p.m.

What the Letter Says

The earthquake struck at 7:34 a.m. on Monday, August 10, with a magnitude of 7.4 and an epicenter in the municipality of San José del Palmar, in the department of Chocó, according to the Servicio Geológico Colombiano (Colombian Geological Survey, or SGC), as reported by Pulzo. De la Espriella had been sworn in the previous Friday and had named little more than his cabinet and a handful of front-line officials; the rest of the state was still staffed by Petro appointees or by lower-ranked officials serving on an interim basis, Madrid’s El País reported in the August 12 interview in which Pava gave his account.

Addressed to Bula at the Ministerio de Relaciones Exteriores (Ministry of Foreign Affairs) and signed by Pava as acting director general of the Unidad Nacional para la Gestión del Riesgo de Desastres (National Unit for Disaster Risk Management, or UNGRD), the letter states that the country has more than 25 groups with search-and-rescue capabilities and that Chocó, Valle del Cauca and Risaralda had been prioritized. The figure is broader than the 23 UNGRD-accredited USAR teams that Pava, El Tiempo and La Silla Vacía all cite; the letter counts groups with search-and-rescue capability rather than accredited USAR units. Its finding is conditional: should the emergency outgrow national capacity, Colombia would request support, though only from teams holding a valid classification from INSARAG, the United Nations’ International Search and Rescue Advisory Group. It thanks the international community for its offers. No country is named in it.

Interior Minister Rodrigo Lara, of the Ministerio del Interior (Interior Ministry), has described that document as the trigger under Colombian procedure. He set out the mechanism on Blu Radio on August 14. “Requesting international rescuers is not something the foreign minister does motu proprio; it is not the foreign minister’s initiative. The foreign minister is the vehicle for doing it,” he told Néstor Morales. The determination is made by the Puesto de Mando Unificado (Unified Command Post), the interagency body the UNGRD directs. “If the man at the UNGRD, who was Pava, tells the foreign minister no, then the foreign minister cannot go and request any international assistance on his own initiative. That is to say, the initiative belongs to the director of the UNGRD.” Madrid’s El País reported the same sequence from the other direction: once Pava had specified what was needed, the Foreign Ministry went to multilateral bodies and individual governments and asked for precisely that.

Four Offers, and How Pava Weighed Them

Pava told Madrid’s El País by telephone that Bula had informed him before he wrote the letter of four countries offering rescue personnel: El Salvador, Peru, Israel and the United States. His own accounts differ on when that conversation happened: he told Infobae that he met Bula at around 2 p.m. to review the offers, which would place the meeting after the letter was signed. “In Colombia we have an enormous capacity of rescue teams, we have 23 USAR groups, so I looked carefully at what they offered us,” he said. Two he rejected on certification grounds: “In the case of El Salvador, they were not certified teams, they did not have experience in these types of situations. I also told the foreign minister that Peru’s are not certified either.”

His reasoning on the other two was different. “I told him, ‘Ugh, it seems complicated to me,’ because those have a political strategy,” he said of the Israeli and US offers — the director, Madrid’s El País noted, comes from the left. He qualified it in the same breath: “Of course it is good to have help from whoever, no matter where it comes from, but you have to see what we need most and what we already have capacity covered in. Things may change in the coming days, but at that moment we had capacity covered in rescuers.” He then chose between them. “Between Israel and the United States, I prefer the United States. But not the rescuers, because we have a good team here. It seemed better to me that they send their disaster coordination experts, who have very good technology for organizing satellite information in real time.”

To Blu Radio on August 12 and to the news agency Colprensa three days later, he set out the same four decisions in technical terms, without repeating the political characterization. “There was the offer from El Salvador, from Peru, in which, let’s say, their capacity is, on the one hand, they are not certified under INSARAG rules, and on the other hand, they are medium USAR teams, an area in which we have capacity,” he told Blu Radio. On Israel: “Israel has the response team and I said: no, that is not the one that is needed at this moment, and we stayed with that first requirement.” On the United States: “It was said that we would indeed need something related to specialized groups for the technological handling of information, and that is what the United States offers.”

The Letters That Followed

Pava’s defense is that the letter was a snapshot and that he accepted foreign help the same afternoon. In a video posted to his social media accounts on August 14 and in the Colprensa interview, he said he sent two more letters that day: one at about 3 p.m. accepting the US offer of technological and coordination support, and one at 5:20 p.m. asking that offers of humanitarian aid be accepted. “That letter was issued that day at one twenty in the afternoon and corresponds to the requirement conditions at that moment,” he said in the video, according to Infobae. “It is so that toward three in the afternoon I send a new letter to the Foreign Ministry accepting the help of the United States for those activities.”

Neither of the two follow-up letters has been released, but their contents have been described consistently. Madrid’s El País reported that in a later document Pava made explicit that three field hospitals and several thousand kits of food, household goods and cookware were required, including pet food. Infobae and Colprensa describe the 5:20 p.m. letter in the same terms — hygiene and food kits, and field hospitals to reinforce care in Chocó and Pereira.

He also framed the first letter as a technical instrument rather than a refusal. “There has at no point been any intention to limit access for those groups that can help and contribute assertively,” he said in the video. “When one speaks of authorizing USAR groups or search-and-rescue groups, one is speaking of specialized groups that have been accredited by the country sending them and that are accepted in Colombia.” He said the “disinformation” around the letter carried a “perverse intention: to justify the arrival of the Israeli Army’s USAR teams in Cali,” according to La Silla Vacía.

The México Question

México’s absence from the rescue effort became a story of its own, and Pava has described it two ways four days apart. To Madrid’s El País, on the night he announced he would resign, he said Bula had not initially wanted to receive support from México, which has a left-leaning government. To Colprensa on August 15, he said he had raised México himself and been told there was nothing on the table. “What I knew on Tuesday was the offer from only those four countries,” he said. “I asked whether there were any from México or from Chile, which we have had good experiences with, and they told me there were no offers. By Wednesday I found out that there were indeed offers from other countries, but by then those were other decisions the foreign minister had made.” Asked whether political interests shaped which aid was received, he told Colprensa: “Indeed, they are political decisions taken by the Foreign Ministry. Conflict was generated because aid from some countries was prioritized over others because they are political allies. I was left with many doubts about the México matter, because the foreign minister did not speak of further offers… I was lost.”

México’s public position on August 11 was that it was waiting on Bogotá. President Claudia Sheinbaum said that day that a humanitarian package and a specialized Mexican earthquake-rescue team were ready to go but that Colombia had to approve the deployment. “We are awaiting the formal request from the Government of Colombia, but we are ready for the moment they tell us we can go and help,” she said, according to El País. Chile’s President José Antonio Kast made a similar offer. Bula has said Colombia works with countries “without any ideological or political consideration,” a remark he made at a news conference on August 12, according to Chile’s Emol, citing AFP.

Three separate Mexican groups have figured in the argument. Sheinbaum said on August 13 — by which point Pava had been out of the job for a day — that Colombia had not approved entry for the Mexican Army’s rescue brigade, and that the obstacle was documentary: “They asked for certification from Colombia. They are certified, but now they are asking for another certification,” she said, adding that the brigade “is ready to leave at any moment,” La Opinión reported. The civilian Brigada de Rescate Topos Tlatelolco separately announced it would not travel, citing Colombia’s protocols for coordinating incoming teams. A third group, the independent Topos Aztecas, was already working in Cali, La Silla Vacía reported, noting that neither Topos brigade is México’s official state rescue capability. Pava’s own comment to Madrid’s El País about the Mexican volunteers already on the ground: “The Mexican topos (moles) seem to have come without authorization, and now they have to formalize their entry in order to operate.” Sheinbaum said Colombia had requested food parcels, water and medicine. La Opinión reported that México began an operation on August 12 contemplating 58.5 tons of aid, carried by Mexican Air Force C-130 aircraft, through August 14.

The Transition That Was Called Off

Pava spent 48 hours running the earthquake response for an administration that regarded him as the previous president’s man, and he has described the relationship in those terms. “They distrusted me, and I distrusted them,” he told Madrid’s El País. “In the meetings I was a fly in the milk, because they understand that I am from Petro’s very close circle of friends, not a second-tier official.”

The institutional gap was real on both sides. De la Espriella had ordered the customary transition process with the outgoing Petro administration suspended on July 7, Infobae reported at the time, and the incoming UNGRD director had not been named when the earthquake hit. The agency had no permanent director general and none of the three subdirectors who run its core areas — risk knowledge, risk reduction and disaster management — according to El País of Cali. “The UNGRD has 130 employees on provisional appointments and more than 1,000 contractors; with that team there were only some, because others ended their contracts with the end of the government,” he said. “What I did not count on was that there was no official from the other government, that there was no replacement in the post, and that I would arrive on Monday and this earthquake would occur.” He said the agency had more than $35 billion COP available for the first hours of response. Pava had himself replaced members of the UNGRD’s management team during his two months in the post, and defended those changes when Blu Radio put the criticism to him: “At no point was any sub-directorate left abandoned; it was taken on by career staff with experience and capacity.”

What the New Director Did Next

geologist David Santiago Tamayo Roldán, De la Espriella’s own pick, was sworn in as UNGRD director on the morning of Wednesday, August 12, and the government’s position changed the same day, on Lara’s account: “As soon as the new UNGRD director, Doctor Tamayo, arrived, the first thing he did in the morning with the foreign minister was to certify that international aid would be received, and international rescuers arrived.”

That Wednesday morning the Foreign Ministry welcomed a team of 22 US experts specialized not in carrying out rescue work but in coordinating those who do — the support Pava had recommended requesting from Washington. Hours later Tamayo announced Colombia would accept international rescue teams to relieve Colombian crews as needed. More than 54 hours had passed since the earthquake, Madrid’s El País reported.

The published country lists have not matched. Emol, citing AFP, reported on August 12 that Tamayo named four countries: the United States, Israel, El Salvador and Ecuador. México’s La Jornada carried the same four. La Silla Vacía reported three — Israel, the United States and El Salvador — and Lara also said three: “Rescuers were requested from three countries because no more are needed.” He went on: “Because we also cannot receive 4,000 rescuers, because receiving them, the 4,000 rescuers, becomes an additional problem for us.”

Tamayo’s own list changed again four days later. Presenting the national balance on the evening of August 15, he said the emergency had not exceeded the country’s response capacity, while noting that Colombia had accepted specialized international support to reinforce operations. He said three UN-accredited groups were in the country — from the United States, Ecuador and Israel, a trio that drops El Salvador from the list La Silla Vacía and Lara had given; warned local officials not to authorize groups not properly certified for search and rescue; and questioned that many such groups arrive requesting large quantities of resources without the capacity to operate autonomously, El País of Cali reported. Four days after Pava’s letter, the certification threshold and the capacity finding were the new government’s position as well.

What the Capacity Numbers Show

Colombia has 23 UNGRD-accredited USAR teams and roughly 1,000 trained rescuers drawn from the Colombian Red Cross, the Defensa Civil Colombiana (Colombian Civil Defense), fire departments, the armed forces and the national police‘s specialized Ponalsar search-and-rescue unit, according to El Tiempo, which interviewed Silvia Ballén, head of the UNGRD’s national search-and-rescue program. Colombia’s USAR COL-1 team obtained its international INSARAG classification in 2018, making the country one of four in the hemisphere with a UN-certified search-and-rescue team, El Tiempo reported; a team at the heavy classification averages 64 personnel and can sustain field work for seven to 10 days.

Lara said the constraint in some regions was demand, not supply. “In Quibdó 160 rescuers were left idle, with their arms crossed, because there was nothing left to search for or rescue,” he said, adding that they could be moved to Pereira, Dosquebradas or Cali but that local officials were reporting sufficient coverage: “Both the governor and the mayor, the mayors of these cities, tell us that there are enough rescuers.” La Silla Vacía reported that from Wednesday night several regions began closing the rescue phase, with Quibdó moving to reconstruction, Buenaventura expected to follow, and towns such as Quimbaya, in Quindío, requiring no rescue operations because there were no missing persons.

The View From Outside

Foreign governments spent August 11 asking whom to talk to. China’s ambassador to Colombia, Zhu Jingyang, asked the government to name an official and an official liaison for coordinating international assistance. Salvadoran President Nayib Bukele confirmed publicly that Colombia had declined rescue personnel: “The Government of Colombia has requested humanitarian aid only in the form of supplies to assist the families affected by the earthquake,” he wrote on his social media accounts. “We have been informed that its rescue teams, medical teams and other emergency bodies are deployed and attending to the situation, so that at this moment they do not require personnel support.” El Salvador said it would send two cargo planes with 100 tons of supplies instead; Emol reported the shipment arrived. Jens Laerke, spokesman for the UN Office for the Coordination of Humanitarian Affairs, made a similar request for a clear and organized response to the offers on the table, Madrid’s El País reported. Laerke also confirmed that the United Nations had received no formal request for assistance from Colombia, while saying the UN system stood ready to provide all the support within its reach, according to Infobae.

The United States was the exception. Washington announced $15.5 million USD in aid for emergency shelter, food, protection and damage assessment, and the State Department said it had activated a Disaster Assistance Response Team on Monday that would arrive in Colombia on Tuesday. Colombia issued a diplomatic note on Tuesday requesting specific support from the international community, short of a formal international appeal. UN Secretary-General António Guterres wrote that day that “the United Nations remains in close contact with the Colombian authorities and supports the government-led response, as requested.” Infobae reported that Pacto Histórico (Historic Pact) politicians including former Senator María José Pizarro and Representative Mafe Carrascal were pressing De la Espriella to request UN help. On August 12, Israel’s government said Prime Minister Benjamin Netanyahu had ordered an aid delegation dispatched “following a request from Colombian President Abelardo de la Espriella,” according to Semana.

Where It Stands

Lara has been summoned to Congress to account for the government’s handling of the emergency. “On Tuesday we were summoned to Congress, we have been summoned, I was summoned to Congress so that we explain this situation,” he said, adding: “Watching how they make politics out of this tragedy — that is scavenger politics, frankly. Let’s drop it now.”

The UNGRD’s latest national balance, with a cutoff of 6:30 p.m. on August 15, records 289 people dead, 3,937 injured, 143 missing and 353 rescued across 15 departments and 448 municipalities, with 117,222 people affected. The death toll was revised down from 294 reported that morning and the missing figure from 320, after the agency cross-checked municipal reports against records held by the Fiscalía General de la Nación (Attorney General’s Office), the Instituto Nacional de Medicina Legal y Ciencias Forenses (National Institute of Legal Medicine and Forensic Sciences) and relief agencies to remove duplicates. Pava has pointed to that volatility in his own defense, telling Colprensa that on the Monday “I had an assessment far below what exists today,” and that at the time of his meeting with Bula the assessment showed the main sites requiring rescue were covered and that what was missing was coordination support and some technological capability.ungrd-carta-a-minexterior.

Full Translation: The UNGRD Letter to Colombia’s Foreign Ministry

The following is Finance Colombia’s translation of the original Spanish-language letter (radicado UNGRD 2026EE14740, dated August 11, 2026, digitally signed at 1:45 p.m.), sent by the UNGRD to Colombia’s Foreign Ministry:

Bogotá D.C.,
Doctor
Omar Bula Escobar
Minister of Foreign Affairs
Ministry of Foreign Affairs
Calle 10 No. 5 – 51. Palacio de San Carlos

Subject: Update on national search-and-response capacity in light of the earthquake that occurred in Colombia on August 10, 2026.

Dear Minister:

As part of the response to the emergency caused by the 7.4 Mw-magnitude earthquake recorded on August 10, 2026, with its epicenter in the municipality of San José del Palmar, department of Chocó, the National Unit for Disaster Risk Management (UNGRD) wishes to report on the current status of the response and the capabilities available within national territory.

According to information consolidated by the UNGRD’s National Crisis Room, the coordinating entity for risk management in Colombia, and taking into account that the assessment of damages and needs continues to be updated, different territories have been prioritized, particularly the departments of Chocó, Valle del Cauca and Risaralda, according to the needs identified in each of them.

With regard to search and rescue in collapsed structures, Colombia is carrying out response actions through its specialized national capabilities, with search-and-rescue groups accredited by the Government of Colombia, deployed and coordinated through the National Disaster Risk Management System.

At this hour, the country has more than 25 groups with search-and-rescue capabilities, which are sufficient to meet the operational needs identified in the affected areas. Based on the assessment carried out so far and on the national capabilities available, the National Unit for Disaster Risk Management, through its Search and Rescue Program, considers that, at this stage of the emergency, it is not necessary to request or activate the deployment of specialized international search-and-rescue teams (USAR).

This determination corresponds to the current state of the emergency and is subject to ongoing monitoring of conditions on the ground. Should the emergency evolve, or should the identification of new needs exceed available national capabilities, the Government of Colombia will promptly communicate, through established official channels, its specific requirements for international assistance and, if necessary, may request support solely from international search-and-rescue teams holding the corresponding INSARAG classification.

In this regard, the National Unit for Disaster Risk Management expresses its deep gratitude to the international community for its expressions of solidarity and for the offers of technical, operational and humanitarian support in search and rescue received through the Ministry of Foreign Affairs and the UNGRD.

Colombia maintains active mechanisms of coordination and information exchange with the international community and, in particular, is reporting on the evolution of the response and available capabilities through the corresponding international coordination mechanisms, including the Virtual OSOCC (Virtual On-Site Operations Coordination Centre) platform, within the framework of United Nations mechanisms for coordinating search-and-rescue operations.

Sincerely,

Javier Pava Sánchez
Director General (Acting)

Prepared by: Laura Manuela Bermúdez Caro, contractor, International Cooperation Group – UNGRD
Reviewed by: Nicolás Fernández de Soto, International Cooperation Liaison to the Director General’s Office – UNGRD
Reviewed by: Antonio José López Reales, Coordinator, International Cooperation Group – UNGRD
Reviewed by: Silvia Carolina Ballén Sánchez, Specialized Professional, Management Sub-Directorate – UNGRD
Reviewed by: Johana Andrea Rangel Franco, Specialized Professional, Management Sub-Directorate – UNGRD

Who Is Javier Pava Sánchez?

Javier Pava Sánchez is a geological engineer, a specialist in risk evaluation and disaster prevention and a master’s graduate in territorial planning and population dynamics, according to El Tiempo. Petro appointed him to lead the UNGRD in 2022, and returned him to the agency as acting director through Decree 0611 of June 16, 2026, after the Procuraduría General de la Nación (Inspector General’s Office) suspended director Carlos Carrillo over alleged improper political activity. Carrillo said the measure surprised him and rejected it, telling reporters, according to Infobae: “At no time did I campaign, I never promoted any candidate nor did I request electoral support for any campaign.”

Pava was still the UNGRD’s acting director when he signed the August 11 letter, announced that night that he would step down, and was replaced by Tamayo on the morning of August 12. He remains acting manager of the Fondo Adaptación (Adaptation Fund), another agency in the sector for which the new government has not named a replacement, Madrid’s El País reported. Two days after leaving the UNGRD, in the video responding to Lara, he said: “I want to state to Colombia that I have acted responsibly in the exercise of my functions and consistently with the government I represent, which is the government of President Petro.”

Above image: Javier Pava Sánchez speaks during a meeting at UNGRD headquarters in Bogotá. (Photo: UNGRD handout)

A magnitude 7.4 earthquake struck western Colombia at 7:34 a.m. local time on August 10, with an epicenter about 3 miles (5 kilometers) east of San José del Palmar in the department of Chocó, roughly 150 miles (241 kilometers) from Bogotá, according to the US Geological Survey and Colombia’s Servicio Geológico Colombiano (Colombian Geological Survey). The quake originated at a depth of more than 100 kilometers, classifying it as a deep intraslab event tied to the Nazca Plate’s subduction beneath the South American Plate. Tremors were felt as far away as Panama, Venezuela, Ecuador, and Peru.

As of August 12, Colombian authorities had confirmed more than 188 deaths, over 1,600 injuries, 222 people missing, and 260 people still trapped in debris, according to the Unidad Nacional de Gestión del Riesgo de Desastres (National Disaster Risk Management Unit, UNGRD) and figures reported by El Tiempo; earlier tallies from the UN Office for the Coordination of Humanitarian Affairs (OCHA) put damaged homes at close to 5,000, with 61 buildings collapsed and more than 550 schools and 24 health facilities affected across roughly 16 departments. Chocó, Valle del Cauca, Caldas, Risaralda, and Quindío sustained the heaviest damage. President Abelardo De La Espriella declared a national disaster, invoked an economic emergency, and decreed three days of national mourning.

Colombia’s Foreign Ministry, the Cancillería, installed an international cooperation command post led by Foreign Minister Omar Bula to field and coordinate offers of assistance from foreign governments and multilateral organizations. Vice President José Manuel Restrepo said more than 12 countries had formally pledged humanitarian aid or rescue personnel, and that multilateral institutions alone had presented cooperation proposals totaling $1.3 billion USD in assistance of various kinds. “We have already received proposals worth $1.3 billion USD in cooperation of various kinds from multilateral organizations in the midst of this tragedy,” Restrepo said.

“We have already received proposals worth $1.3 billion USD in cooperation of various kinds from multilateral organizations in the midst of this tragedy.” — José Manuel Restrepo, Vice President of Colombia

United States

The US Department of State said it mobilized an initial $15.5 million USD in emergency shelter, food, and protection assistance, along with post-earthquake structural assessments, according to an August 11 media note from the department’s Office of the Spokesperson. The funding is being channeled through five partner organizations: Catholic Relief Services (CRS), the International Organization for Migration (IOM), Miyamoto International, the UN World Food Programme, and World Vision. Of the total, $3 million USD routed through CRS draws on funding already committed under a separate, previously announced global assistance award to that organization, meaning it does not represent new incremental spending beyond what State had already budgeted for CRS programming.

The department also activated a Disaster Assistance Response Team (DART), a standing mechanism of humanitarian specialists drawn from across the State Department, with members arriving in Colombia the day of the earthquake to coordinate needs assessments and the broader US government response alongside embassy personnel in Bogotá.

Separately from the new $15.5 million USD package, the State Department noted that as part of its existing $3.8 billion USD contribution to OCHA, the United States had previously provided $200 million USD to the Colombia Pooled Fund, a standing mechanism OCHA can draw on for earthquake-related needs as well as humanitarian programming in Colombia that predates the earthquake. That $200 million USD figure reflects prior funding availability rather than a new pledge tied specifically to the August 10 disaster.

On consular matters, the US Embassy in Bogotá remained open and continued providing emergency and routine passport, notarial, and consular services; its consular agency in Barranquilla also remained open. The embassy advised American citizens in Colombia to enroll in the Smart Traveler Enrollment Program (STEP) at step.state.gov and to follow [@USEmbassyBogota](profile/USEmbassyBogota) and [@TravelGov](profile/TravelGov) on social media for security updates. US citizens seeking assistance can reach the Bureau of Consular Affairs at 888-407-4747 from within the United States, or +1-202-501-4444 from other locations.

Multilateral development banks

The World Bank disposed $200,000 USD in a non-reimbursable grant, without an associated credit line, to fund post-earthquake damage assessments. Susana Cordeiro Guerra, the World Bank’s vice president for Latin America and the Caribbean, offered technical expertise drawn from the institution’s experience responding to disasters elsewhere, in addition to the grant.

The Inter-American Development Bank (IDB) approved $500,000 USD in non-reimbursable technical cooperation funding, of which $350,000 USD was made immediately available to the Colombian Red Cross and $150,000 USD earmarked for technical support, Restrepo said. Separately, IDB Group President Ilan Goldfajn said the institution has up to $300 million USD in contingent emergency financing available to Colombia should the government request it; wire reports including CNBC and CBC cited a related figure of $50 million USD as immediately available for reconstruction support, reflecting different tranches or reporting of the same contingent facility.

CAF, the Banco de Desarrollo de América Latina y el Caribe (Development Bank of Latin America and the Caribbean), pledged $500,000 USD in humanitarian donations to be channeled through its Social and Human Development Funds, CAF executive president Sergio Díaz-Granados said.

European Union

European Commission President Ursula von der Leyen announced €2.1 million EUR in humanitarian funding for health, water, sanitation and hygiene, shelter, food, protection, and cash assistance in the hardest-hit areas, according to the European Civil Protection and Humanitarian Aid Operations department (ECHO). The European Union activated its Civil Protection Mechanism, which pools resources among the bloc’s 27 member states, and deployed its Copernicus satellite mapping service to support damage assessment. A further €100,000 EUR was reallocated from an existing EU-funded project implemented by the German Red Cross to meet immediate needs of roughly 2,500 families in Chocó and Valle del Cauca.

Switzerland

The Swiss government approved 1 million CHF (about $1.23 million USD) in aid, with half directed to the UN World Food Programme and local nongovernmental organizations for emergency assistance and the remainder allocated to restoring living conditions in destroyed areas, according to the Swiss Agency for Development and Cooperation. Swiss President Guy Parmelin offered solidarity with Colombia the day of the earthquake.

Spain

Spain’s Agencia Española de Cooperación Internacional para el Desarrollo (Spanish Agency for International Cooperation for Development, AECID) mobilized an initial €1 million EUR package covering shelter materials, water and sanitation kits, medication, and support for deployed health personnel, Foreign Minister José Manuel Albares said. Spain’s Ministry of Foreign Affairs reported no confirmed Spanish fatalities as of August 12, though it had not yet located 75 Spanish nationals believed to have been in the affected region.

El Salvador

El Salvador’s president, Nayib Bukele, dispatched two aircraft carrying 100 tons of humanitarian aid along with medical and rescue teams, according to the Presidencia de la República de El Salvador (Presidency of the Republic of El Salvador).

Ecuador

Ecuador’s Ministerio de Relaciones Exteriores y Movilidad Humana (Ministry of Foreign Affairs and Human Mobility) sent 47 rescuers with canine units and equipment provisioned for seven days of operations.

Mexico

Mexico deployed 255 specialized military search-and-rescue personnel, including canine handlers and medical staff, along with 4 tons of medications, 8.4 tons of food, satellite phones, radios, generators, and tents, according to Mexico’s Secretaría de Relaciones Exteriores (Ministry of Foreign Affairs).

Peru

Peru sent a plane carrying 12.5 tons of supplies and 62 rescuers through its Ministerio de Relaciones Exteriores (Ministry of Foreign Affairs).

Chile

Chilean President José Antonio Kast offered his government’s civil and technical resources through Chile’s Ministerio de Relaciones Exteriores (Ministry of Foreign Affairs), without publicly specifying the scope.

Venezuela

Venezuela’s government, through Vice President and Foreign Minister Delcy Rodríguez and the Ministerio del Poder Popular para Relaciones Exteriores (Ministry of People’s Power for Foreign Affairs), said it would send rescue brigades, an announcement that drew domestic criticism within Colombia given the state of bilateral relations.

Brazil

Brazilian President Luiz Inácio Lula da Silva pledged solidarity and said logistical and technical teams were on standby through Brazil’s Ministério das Relações Exteriores (Ministry of Foreign Affairs).

Argentina

Argentina’s Ministerio de Relaciones Exteriores, Comercio Internacional y Culto (Ministry of Foreign Affairs, International Trade and Worship) offered material assistance, civil protection assets, and logistics support.

Additional Latin American and Caribbean support

Several other countries in the region conveyed solidarity or more limited offers of support:

• Panama — President José Raúl Mulino offered collaboration “within our capacity” through the Ministerio de Relaciones Exteriores de Panamá (Ministry of Foreign Affairs of Panama).
• Costa Rica — The government conveyed solidarity through its Ministerio de Relaciones Exteriores y Culto (Ministry of Foreign Affairs and Worship).
• Dominican Republic — President Luis Abinader said his country stood ready to provide assistance, coordinated through the Ministerio de Relaciones Exteriores de República Dominicana (Ministry of Foreign Affairs of the Dominican Republic).
• Guatemala — The disaster-response agency, the Coordinadora Nacional para la Reducción de Desastres (National Coordinator for Disaster Reduction, Conred), remained in contact with Colombian counterparts to determine whether a formal request for assistance would follow, President Bernardo Arévalo de León’s government said.
• Cuba — Expressed willingness to help without publicly detailing specific commitments.
• Bolivia — Expressed willingness to help without publicly detailing specific commitments.

Other countries

Vice President Restrepo named Japan, Sweden, and Turkey among the more than 12 governments that formally offered humanitarian aid or rescue support, though itemized figures for their pledges were not publicly available as of this writing. Israel, France, Germany, Italy, and Ukraine also expressed readiness to coordinate assistance, according to Colombian media reporting, without confirmed dollar figures attached to those offers.

Red Cross and Red Crescent movement

The International Federation of Red Cross and Red Crescent Societies (IFRC) launched an emergency appeal for 11.7 million CHF to support the Colombian Red Cross, which activated its National Crisis Room and deployed a 30-member urban search-and-rescue team from its Antioquia branch to Chocó, alongside volunteers from its Quindío and Caldas branches. The Colombian Red Cross also activated its Restoring Family Links service to help reunite people separated from missing relatives.

Private sector

Among corporate contributions, Spanish bank BBVA (BME: BBVA) (NYSE: BBVA) said it would provide 3,500 food and hygiene kits, including nonperishable staples and personal care items, distributed through Colombia’s regional food bank network.

How to contribute

Colombian donors and members of the international community seeking a vetted local channel for contributions can direct support through somosone.com.co, the Colombian strategic-philanthropy platform operated by ONE Inversión Social. The organization has partnered with Sankofa Danzafro, La Pascasia, and Presentes Corporación on a Chocó-focused relief campaign, with a donation page linked from the platform’s homepage.

Cenco Malls (BCS: CENCOMALLS), the shopping center arm of Chilean retail conglomerate Cencosud (NYSE: CNCO, BCS: CENCOSUD), has closed the acquisition of a 51% indirect stake in Plaza Central, one of Bogotá’s largest shopping centers, for $125 million USD. The transaction was completed June 3, 2026, following the fulfillment of all conditions established in the agreement between Cenco Malls’ Colombian subsidiary, Cencosud Col Shopping S.A.S., and Patrimonio Autónomo Estrategias Inmobiliarias (BVC: PEI), Colombia’s largest real estate investment vehicle, which retains a 49% stake in the asset.

Plaza Central, inaugurated in October 2016, is located in the Puente Aranda district of Bogotá, at the intersection of three major arterial roads — Avenida de Las Américas, Calle 13, and Avenida 68 — with direct access to mass transit. The mall serves a predominantly middle-income residential and commercial catchment area, within one of the city’s most active business corridors.

“We expect this acquisition to have a favorable effect on the consolidated results of the company, incorporating a relevant asset for the region into our portfolio.” — Sebastián Bellocchio, CEO, Cenco Malls

According to figures reported at year-end 2025, Plaza Central has 204,832 square meters of total built area and 76,520 square meters of gross leasable area (GLA), with occupancy of approximately 95%. The property generated revenues of 79,098 million COP in 2025. The mall holds LEED certification in both Design and Construction and Operations and Maintenance, and has approximately 1,000 solar panels installed.

“We expect this acquisition to have a favorable effect on the consolidated results of the company, incorporating a relevant asset for the region into our portfolio and strengthening the experience we offer visitors to this shopping center,” said Sebastián Bellocchio, CEO of Cenco Malls.

The deal adds a significant Colombian asset to Cenco Malls’ regional portfolio, which currently comprises 41 shopping centers and 1,450,560 square meters of GLA across Chile, Peru, and Colombia. The company was listed on the Santiago Stock Exchange in June 2019 in what was at the time the largest initial public offering in the Chilean market.

PEI, which will continue as a 49% partner in Plaza Central, is Colombia’s largest real estate investment vehicle, with stakes in more than 150 income-generating assets across more than 30 cities. Its equity securities trade on the Colombian Stock Exchange (Bolsa de Valores de Colombia) under the ticker PEI.

Headline Photo: Plaza Central in Bogotá (courtesy Cenco Malls)

The Latin American air freight market, valued at $1.04 billion USD in 2025, is projected to experience sustained growth, driven by expanding e-commerce, increasing cross-border trade, including inter-Latin American trade. Key growth drivers include the rising demand for more reliable and quick turnaround delivery services, particularly for perishable goods and high-value products.

Global air cargo demand rose by 3.4% in 2025 compared with the previous year, according to data released by the International Air Transport Association (IATA).

At the same time, total capacity, measured in available cargo ton-kilometers (ACTK), increased by 3.7% year on year. For international operations, demand rose by 4.2%, while capacity increased by 5.1%.

Latin America Air Freight Industry Concentration & Characteristics

The Latin American air freight industry has been defined by a moderate level of concentration, with a few large global players dominating but now also including several significant regional carriers. While FedEx, UPS, and DHL hold substantial market share, particularly in international freight, regional players like LATAM Cargo, Avianca Cargo (Tampa Air), and Aeromexico maintain strong positions in domestic and regional routes.

Other leading players in the Latin American airfreight industry include IAG Cargo (UK), Copa Airlines (Panama), American Airlines, Delta Airlines, Azul Cargo Express (Brazil) and Emirates Skycargo.

Nicholas Sutherland’s opinions and claims are his own, and not necessarily those of Finance Colombia.

Regional Growth Drivers

• E-commerce explosion – Same-day and next-day service expectations are migrating south, driving express integrators to expand cargo terminals in Latin America and sign block-space agreements with regional carriers.
• Perishables dominance – Colombia, Ecuador, Peru, and Chile collectively ship more than 1.5 million tons of flowers, fruit, seafood, and pharma each year—commodities that depend on airport infrastructure for freight with reliable 2-8 °C corridors.
• Pharmaceuticals – Colombia, Mexico and Brazil stand out as not only having large national companies, but also some of the largest pharma companies in the world have factories in these countries.

Electronics, jewelry, auto parts, specialized machine parts, and high-value textiles are also driving increased traffic.

Latin America’s Hub Status

For years, Latin America has been spoken of primarily as a supplier, a hub for perishables, electronics, and auto parts feeding the U.S. and Europe. Fast forward to 2025 and something is unmistakably clear: the region is no longer merely sourcing for the world. It is becoming one of the most strategically viable air cargo growth engines, driven by nearshoring, rising consumer markets, and accelerated infrastructure investment.

Leading Locations

Mexico

 Since 2023 the Felipe Ángeles International Airport, also within the Greater Metropolitan Area of Mexico City, has now surpassed the Benito Juarez airport for air cargo with 2025 figures showing 413,224 metric tons in air cargo traffic.

The International Airport of Mexico City, known officially as Benito Juárez International Airport, stands out as the largest airport in the country and is now the second busiest air cargo hub in Mexico and number three in the LATAM region. The figures underline the importance of this hub. In January 2022, the air terminal managed a total of 41,650 tons. In 2023, this number rose to 47,206.8 tons, reflecting an important increase of 5,556.8 tons. It is important to mention that this airport also acts as a center of operations and connections (HUB) for the Mexican airline Aeroméxico, further strengthening its strategic position in the airport and logistics scenario in the region.

The International Airport of Cancun (CUN), located in the Mexican Caribbean, is a major hub in cargo handling in Latin America. With leading-edge facilities and advanced systems for the processing of goods, the airport handles a diversity of products, including consumer goods, textiles, electronic parts and pharmaceutical products. Its strategic location makes it crucial for trade routes between North America, Latin America and Europe and it has undergone constant growth in its volume of cargo.

Colombia

El Dorado International Airport is in Colombia’s capital city, Bogotá, and stands out as the third most important airport in Latin America in terms of freight volume. It registered a 2024 throughput of 809,00 tons, with flowers, perishables and pharma being the main categories.

Colombia has consolidated its position as a world leader in the export of a wide range of products, including products derived from agriculture, foodstuffs and chemical products. The airport has also been consolidated as the center of strategic operations (HUB) for international airline, Avianca.

Two 3,800 m runways at 8,360 ft elevation make BOG a purpose-built wide-body freighter hub. Cargo airlines position here to bridge east-west schedules across the Caribbean, giving forwarders same-night connections into MIA, AMS, and DOH.

Panama

Tocumen International Airport (PTY), Panamá City handled 216,653 tons in 2024 (a 4% increase over 2023). PTY sits astride the Colón Free Zone and the Panamá Canal rail link; a third runway is budgeted for development in 2027 to future-proof capacity.

A new development project called “Tocumen Cargo City”, with an area of 124 hectares, which includes the concession for the development of the cargo terminal and logistics zone, was announced in 2024. This project will take advantage of Tocumen’s competitive advantages as the region’s main air hub that connects daily more than 80 commercial destinations, and more than 50 air cargo destinations integrating a multimodal axis with the country’s maritime and land transport operations,

 Peru

Jorge Chávez International Airport is in the region of Callao, outside of the metropolitan area of Lima (Peru). It stands out as the center of operations and connections for LATAM Airlines.

In 2023 the airport handled 230,993 tons of air freight. The largest quantities of air export products were fresh asparagus, blueberries, salmon and other seafood. In 2024, the airport also added another runway and a new passenger terminal with an adjoining logistics park.

Brazil

São Paulo-Guarulhos International Airport (GRU) had a throughput of 235,600 tons in 2024. Air-sea multimodality is boosted by a 90-minute drive to the Port of Santos. Automotive, machinery, pharma cold-chain (largest airport cool-store in Brazil) are the highest categories of products.

Campinas Viracopos (VCP) airport, in Sao Paulo state (not the city) handles roughly one-third of Brazil’s imported air freight and was voted 2024 Cargo Airport of the Year by routesonline.com . It boasts a 90,000 m² cargo terminal with 11 dedicated cold rooms and a live-animal zone.

 Looking Forward

Governments are aware that there is now fierce rivalry to attract air cargo logistics operations and several have identified the sector as a key segment which would improve the competitiveness of their economies and stimulate economic growth and create skilled employment opportunities. Integration of air cargo, ports, incentives and free zones have become a cornerstone for attracting logistics and manufacturing companies.

Cargo airports in Latin America are writing the next chapter in hemispheric logistics. For independent freight forwarders, and other investors, these hubs are not just transit points, they are strategic pivot points to shorten lead times, diversify modal risk, and command premium margins in niche verticals. Airports are emerging as focal points in this new logistics landscape. Policy support, geography, and international partnerships are essential to attracting international operators and service providers.

Several countries have made successful initiatives to increase investment in the multimodal logistics space including the Dominican Republic, El Salvador (with a focus on increasing Maintenance Repair and Overhaul operations) Ecuador and La Aurora International Airport in Guatemala becoming a major hub, with LAATS, a Guatemalan logistics and freight company, managing all regular cargo flights there.

Attracting Investment in the Caribbean

For countries in the Caribbean to consider becoming air cargo logistics locations, they require international operators to view them as viable long-term locations, therefore several factors need to be considered.

Cold-Chain certification is a cornerstone for diversified airfreight operations. Pharma shippers demand IATA CEIV or WHO GDP accreditation. GRU, VCP, and LIM all hold multiple certifications, allowing forwarders to move temperature-controlled cargo without auxiliary containers significant cost saving.

Customs & Free-Zone Synergy have been the defining characteristics of a country’s success. Many airports interface directly with bonded zones or inland ports. Panama’s Tocumen International Airport’s on-airport logistics park and Panama Pacifico free zone cut transfer times by 24 hours compared with off-site warehousing.

Customs Harmonization and Focused Incentives

Caribbean countries must consider integration of the electronic DUCA-F, a fundamental document for the export of products originating in a Central American country to other countries in the region, within the framework of current trade agreements. It integrates and connects the customs systems of the six countries that make up the Central American region. This interconnection significantly improves customs controls, allowing for the automatic validation of declared data and real-time verification of approvals issued by the single windows and customs authorities of each country.

Airports may waive or discount landing fees for 1–2 years to attract new carriers or new routes. Sao Paulo’s Viracopos International Airport in Brazil runs an incentive program for cargo carriers as it looks to strengthen international hub’s cargo activities. The program aims to develop Viracopos as an international cargo hub, and the gateway’s operator – Aeroportos Brasil Viracopos – wants to increase the number of international flight routes and cargo frequencies. Some of these incentives include 100% exemption of landing fees for operations at the airport’s cargo terminal for the first 24 months of a carrier’s cargo operation.

Like landing fees, building rents can be discounted for air cargo carriers. For example, St. Louis International Airport offers 18 months of waived terminal building rents and landing fees for new transoceanic service and related logistics. Income tax exemptions for the first four (4) years of operation and reduced tax rates (sub 10%) for air cargo-related logistics operations are other ways to compete with nearshore rival locations. Income tax exemptions on rental for developers are essential for infrastructure development. These exemptions can be for twenty years, combined with a reduced tax rate for the following years.

Several Caribbean countries have declared intentions to compete for investment in air logistics, however very few (except for the Dominican Republic) have made it a priority with an accompanying tactical and focused execution plan. Caribbean countries who wish to position themselves as an air cargo hub need to have feasibility studies done by internationally recognized logistics companies along with a well-defined plan for what reasonable short-term and long-term success looks like. It’s also essential to have a realistic outlook of what each country can offer, rival strengths and incentives and a clear understanding of any deficiencies which may pose headwinds to their stated goals.

The allocation follows capital discipline criteria and maintains investment levels comparable to projected 2025 year-end figures. Approximately 70% of the total budget ($17.2 trillion COP) is designated for core hydrocarbons operations, including production, refining, and transportation. The remaining 30% ($7.1 trillion COP) is slated for energy transition initiatives, power transmission, and corporate investments.

The 2026 financial model is built on an estimated Brent crude price of $60 USD per barrel and an average annual exchange rate near COP 4,050:1 USD. Under these assumptions, the Ecopetrol Group projects an approximate EBITDA margin of 40%, in line with 2025 levels. Transfers to the Colombian government are estimated at approximately $28 trillion COP. To support these financial targets and maintain debt metrics, the group plans to implement a portfolio rotation program.

A profitability and efficiency program is expected to contribute approximately $5.7 trillion COP, impacting EBITDA, investments, and working capital. This program is structured to support performance in total refining costs and transported barrel costs, while sustaining lifting costs below $12 USD per barrel.

Approximately $1.7 trillion COP is allocated to the company’s “SosTECnibility” strategy, focusing on climate change, sustainable territories, materials and waste management, and occupational health.

Hydrocarbons and Midstream Operations

Investment in exploration and production totals $14 trillion COP, constituting the largest single allocation. This is split with 89% dedicated to crude oil and 11% to natural gas, focused on achieving organic production levels of 730–740 thousand barrels of oil equivalent per day (BOED). Production is anticipated to consist of 80% crude, 15% gas, and 5% white products, utilizing recovery technologies to optimize resources. The strategy involves increasing crude oil output in Colombia to offset natural gas field declines.

The Ecopetrol Group plans to drill between 380 and 430 development wells, with 95% located in Colombia and 5% in the US. The exploration program includes 8 to 10 exploratory wells in Colombia, primarily in offshore, Meta, and Putumayo areas. Gas investments are estimated at $1.5 trillion COP, mainly targeting the Llanos Foothills and offshore areas to develop Caribbean gas, contributing an estimated 105–110,000 BOED.

Transport investments total about $1.5 trillion COP, representing 6% of the budget. The funding is primarily for integrity and reliability projects managed by Cenit, Ocensa, Oleoducto de Colombia S.A.), and Oleoducto del Llano S.A. Transported volumes are targeted between 1,110,000 and 1,120,000 barrels per day.

Refining investments are set at close to $1.7 trillion COP (7% of the budget), targeting reliability, availability, and sustainability at the Barrancabermeja and Cartagena refineries, aiming to reduce product imports and improve fuel quality. Combined refinery throughput is forecast between 410,000 and 420,000 barrels per day.

Energy Transition and Transmission Segment Growth

Interconexión Eléctrica S.A. E.S.P. (ISA) (BVC: ISA), an Ecopetrol subsidiary, is allocated between $6.2 and $6.8 trillion COP in 2026, comprising roughly 26% of the group’s annual budget, with approximately 80% dedicated to its electric transmission business.

For the core energy transition efforts, approximately $0.9 trillion COP (3% of the plan) is earmarked for non-conventional renewable energy and energy efficiency projects. This investment seeks to add approximately 750 MW of clean energy generation capacity from projects in operation, construction, and development.

Renewable Energy Acquisition Moves Ecopetrol Closer to 900 MW Target

In a separate announcement, Ecopetrol confirmed the successful conclusion of negotiations on November 28, 2025, with Grenergy Renovables S.A. (BME: GRE), a Spanish renewable energy company. The negotiations concern the potential acquisition by Ecopetrol of seven solar photovoltaic project companies in Colombia, located across the departments of Córdoba (3), Cesar (2), Magdalena (1), and Sucre (1).

Each of the seven companies owns the assets, licenses, agreements, and permits for a solar project with an estimated renewable energy generation capacity of up to ~12.6 MWp. The completion of this acquisition is contingent upon certain conditions precedent and legal requirements.

Upon closing, the transaction would contribute to Ecopetrol’s decarbonization and energy transition goals by adding installed capacity toward its internal target of 900 MW of self-generated renewable energy. These projects are intended to support low-emission energy generation under competitive conditions for the Ecopetrol Group’s self-consumption, reducing the company’s reliance on bilateral energy contracts and mitigating exposure to spot market energy purchases.

Corporate Governance Changes

Ecopetrol also reported changes to its corporate leadership. During a meeting held on November 27, 2025, the board of directors elected Ángela María Robledo Gómez as Chairwoman and Álvaro Torres Macías as Vice Chairman of the Board. Both individuals were elected to the Ecopetrol Board of Directors in a slate that was “proposed by the government” (President Gustavo Petro’s administration).

Additionally, the company reported the resignation of Independent Director Guillermo García Realpe, citing personal reasons. His resignation is effective as of December 12, 2025. Ecopetrol acknowledged his service to the company during his tenure.

Ecopetrol operates as a key integrated energy firm on the American continent. In Colombia, it is responsible for more than 60% of hydrocarbon production and manages the majority of the nation’s transportation, logistics, and hydrocarbon refining systems. Through its 51.4% stake in ISA, the company holds positions in energy transmission across Brazil, Chile, Peru, and Bolivia, as well as road concessions in Chile, and participates in real-time systems management through XM and the Barranquilla – Cartagena coastal highway concession. Internationally, Ecopetrol has drilling and exploration operations in oilfields across the US (Permian basin and the Gulf of Mexico), Brazil, and Mexico.

The company launched its first experience center in Bogotá’s Andino shopping center, using a direct business model that bypasses local dealers or authorized distributors. The base model offered for the Colombian market is the Model 3, listed with an initial price of $109,000,000 COP. First deliveries for vehicles ordered online are anticipated between late January and early February 2026. A second experience center is expected to begin operations soon in the El Tesoro shopping center in Medellín.

Though the announcement marks Tesla’s official launch in Colombia, individuals have already imported Tesla vehicles into Colombia.

Tesla announced expansion plans within the country, including additional experience centers, test drive programs, service experiences, and the deployment of Supercharger stations, beginning in Bogotá. The local subsidiary, officially registered as Tesla Motors Colombia S.A.S., confirmed that its vehicles sold in Colombia will offer charge autonomies exceeding 400 kilometers. Karen Scarpetta, the Country Manager for Tesla, cited the company’s direct structural setup as a factor enabling competitive pricing relative to other global markets. The company is actively recruiting personnel for positions in Bogotá and Medellín, including service technicians, sales managers, and distribution coordinators.

The formal market entry for Tesla began in January 2024 with the registration of Tesla Motors Colombia S.A.S. in the Cámara de Comercio de Bogotá. The scope of registered activities includes vehicle commercialization, maintenance, repair, distribution, energy control, and the sale of electric energy. Showroom vehicles for the initial launch included the Model 3 and the Model Y.

The US-based company is entering a market where it will compete with established brands like China’s BYD (HKEX: 1211, SZSE: 002594), which has operated in Colombia since 2020 through Motorysa, and Geely (HKEX: 0175), which is launching operations through Grupo Vardí. Tesla‘s debut occurs amid global adjustments for the firm. In the third quarter of 2025, the company reported revenues of $28,095,000,000 USD, representing a 12% year-over-year increase. However, net earnings experienced a 37% decline, marking four consecutive quarters without meeting market expectations. Despite these trends, Tesla regained market share leadership in the European electric vehicle segment after a period of volatile demand.

Locally, Tesla stock has been available to Colombian investors since June 2025 through the Bolsa de Valores de Colombia (BVC)‘s Mercado Global Colombiano, with the backing of Acciones & Valores S.A.. This inclusion provides local investors with direct access to shares of the US technology and sustainable mobility sector.

Above photo: Tesla Model 3 (courtesy Tesla)

The shareholder meeting, chaired by Colombia’s Minister of Finance and Public Credit, Germán Ávila, approved amendments to the company’s bylaws. Notably, the proposal submitted by the company’s majority shareholder, the Colombian government, which owns 88.49% of shares, was approved with 91.14% of the vote. An alternative proposal from Ecopetrol management received only 0.03% support, with 4.6% voting for neither proposal and 4.2% abstaining.

Separately, the Board of Directors appointed new leadership for two key executive positions, effective November 16.

Juan Carlos Hurtado Parra was named Executive Vice President of Hydrocarbons. Mr. Hurtado, who has been with Ecopetrol for approximately 23 of his 25 years in the energy sector, previously served as Vice President of Exploration, Development, and Production. He holds an Electrical Engineering degree from Universidad Industrial de Santander, a specialization from Universidad del Rosario, and an MBA from the University of Dundee. He replaces Rafael Ernesto Guzmán Ayala.

Rodolfo Mario García Paredes was appointed as the permanent Chief Compliance Officer. Mr. García, an attorney from Universidad del Rosario with a specialization from Universidad de los Andes, has been with the company for over 25 years and had been serving as the acting compliance head since June 2025.

The confirmation of a permanent Chief Compliance Officer occurs during a period of heightened legal and political scrutiny for the company. The appointment follows reporting by El Tiempo that senior compliance officials from Ecopetrol visited the United States Embassy in Bogotá this week. That visit was noted for its timing, coming after the United States Treasury Department imposed OFAC sanctions on President Gustavo Petro along with his wife, son, and interior minister, as reported here by Finance Colombia. The company is also managing the fallout from a contracting scandal at its affiliate Ocensa, also revealed this week by El Tiempo, which led to the resignation of Ocensa’s president.

Ecopetrol S.A. is the largest company in Colombia and is responsible for over 60% of the nation’s hydrocarbon production, in addition to managing transportation, logistics, and refining systems. Following its acquisition of 51.4% of Interconexión Eléctrica S.A. (ISA) (BVC: ISA), the company expanded into energy transmission, management of real-time systems through XM, and road concessions. Ecopetrol also maintains exploration and drilling operations in the United States (Permian basin and Gulf of Mexico) and Brazil. Through ISA, it holds positions in power transmission in Brazil, Chile, Peru, and Bolivia.

Above photo: Ecopetrol’s Reficar petroleum refinery in Cartagena. (photo courtesy Ecopetrol)