Historically, not only in Colombia but around the world, incoming presidents and prime ministers typically achieve only a fraction of what is promised during their campaigns. Even if 30% of commitments are delivered, Abelardo could still disappoint some of his supporters, particularly those in Medellín who became deeply disaffected with Gustavo Petro’s administration. Ultimately, only time will tell. Much has been promised, but the pudding still has to be proven.

One major challenge will be the currency, which has moved to levels not seen in many years. The peso reached COP 3,100 against the dollar on Friday, and while many had feared a move toward COP 3,000, the surprise decision by Banco de la República to leave interest rates unchanged at 12%, despite rising inflation, quickly reversed that trajectory. COP 3,200 appears possible as the week begins.

These are extremely challenging levels for exporters and, in turn, for Abelardo, who has promised a golden age for overseas sales. Key sectors such as coffee and flowers have already publicly expressed concerns about declining competitiveness. Even if the new administration succeeds in creating a new oil boom, revenues generated at current peso levels will be significantly lower than anticipated.

The past four years have been dominated by discussions around debt and deficits, which economists understand are the cumulative result of decisions made by previous governments. These pressures are unlikely to ease if the peso remains at current levels.

Consumer confidence from Fedesarrollo remains solid. Retail sales are supporting imports of durable goods, particularly vehicles and electronics, adding more than $1 billion USD to the monthly deficit.

Other sectors likely to feel pressure include tourism and real estate, both of which have experienced significant growth in recent years. Colombia has become an increasingly fashionable destination, and many visitors have later returned to invest in houses and apartments. Today, however, those investments have slowed, while visitors are finding hotels, restaurants and excursions considerably more expensive than they were two years ago.

The reasons behind the peso’s current level are many, but a key factor has been investment flows into Colombia’s attractive local TES bond market through carry trade strategies. That said, profit-taking could soon emerge, particularly if investors begin positioning for a stronger dollar.

Let’s see how “The Tiger” addresses the challenge.

My regards,

Roops

In Colombia’s local fixed-income market, the Títulos de Tesorería (TES) fixed-rate curve appreciated across its entire structure over the last month. As of March, the total balance of TES in circulation stood at 747.9 trillion COP. Despite this positive market valuation, macroeconomic headwinds remain a central concern for the Ministerio de Hacienda y Crédito Público. The fiscal balance of the Gobierno Nacional Central (GNC) reported an accumulated deficit of 1.7% of GDP through February.

These persistent fiscal imbalances were cited as the primary driver behind the recent decision by S&P Global (NYSE: SPGI) to downgrade Colombia’s sovereign credit rating. The administration continues to manage these debt instruments against a backdrop of tight monetary conditions, which remain a primary focus for institutional investors holding Colombian sovereign paper.

Colombian fixed-income markets show valuation gains despite a recent S&P credit downgrade linked to ongoing fiscal imbalances.

The international fixed-income landscape experienced notable shifts between March 25 and April 23, 2026. The yield curve for US Treasury bonds displayed mixed performance, defined by a decrease in short-term rates and an increase in long-term yields. Analysts attribute this volatility primarily to conflicting signals regarding the ongoing conflict in the Middle East.

Economic indicators released by the Bureau of Labor Statistics show that annual consumer inflation, measured by the Consumer Price Index (CPI), accelerated by 0.9 percentage points to reach 3.3% in March. This data triggered a rebound in short-term inflation expectations within the Treasury bond market, while medium and long-term outlooks remained stable. Consequently, the Intercontinental Exchange (NYSE: ICE) MOVE index—which tracks public debt market volatility—and the Cboe (NYSE: CBOE) VIX—which monitors S&P 500 equity volatility—both registered significant declines during the period.

The upcoming monetary policy meeting of the Banco de la República, scheduled for April 30, takes place as the balance of financial risks has shifted significantly compared to the first quarter of 2026. Analysts from Bancolombia (NYSE: CIB) expect the Junta Directiva to increase the benchmark interest rate by 75 basis points, bringing the policy rate to 12.00%.

The convergence of elevated inflation, recent reversal episodes, and misaligned market expectations has reinforced the perceived need for a restrictive monetary stance. This strategy aims to contain domestic demand while preserving the institutional credibility of the central bank. Unlike previous sessions, the current decision-making process is influenced by a shifting global environment where markets have moved toward a higher-for-longer interest rate scenario amid increased uncertainty.

Recent discussions regarding the participation of the Ministro de Hacienda in the Junta Directiva sessions have introduced an additional element of analysis. However, current assessments suggest this does not alter the fundamental policy diagnosis, and no disruptions to the decision-making process are anticipated. Monetary policy is expected to maintain consistency, with the strategic focus shifting from reaching a contractive level to determining the necessary duration of that posture.

Analysts project Banco de la República will raise rates to 12.00% to combat inflation despite slowing domestic economic growth.

The international economic context provides a mixed backdrop for the Colombian decision. Private sector activity in the US appeared to accelerate in April, following a 1.7% monthly increase in retail sales during March. In contrast, the Eurozone reported a contraction in economic activity during April. Energy markets have also seen volatility, with US crude inventories rising in the second week of April while gasoline stocks saw a significant decline. Furthermore, crude prices surged following reports of new security incidents in the Strait of Hormuz.

Domestically, the Departamento Administrativo Nacional de Estadística reported that the Índice de Seguimiento a la Economía grew by 1.6% in February. While imports maintained growth during the same month, the urban unemployment rate across the 13 primary metropolitan areas continued a downward trend through March 2026. In the fixed income market, the central government reported debt levels at 64.2% of GDP for the first quarter, with internal debt accounting for 71.2% of that total.

Market movements reflected these broader trends as the US Treasury curve saw valuation increases driven by investor caution. In the region, Colombia, Brazil, and Uruguay emerged as the primary beneficiaries of the J.P. Morgan (NYSE: JPM) GBI index rebalancing in March. Locally, fixed-rate Títulos de Tesorería experienced devaluations across the entire curve last week. According to the April Encuesta de Opinión Financiera, these devaluations are expected to persist in the coming months. In currency markets, the COP appreciated last week against a backdrop of global and local factors, while the Euro lost ground against the USD.

Headline photo: Bogotá headquarters of Banco de la República (Banrepublica). Photo credit Juan Enrique Rodríguez, courtesy Banrepublica

The Colombian peso (COP) experienced a 2.1% appreciation during March 2026, driven by a recovery in global oil prices and key domestic developments. According to the latest analysis from Bancolombia (BVC: BCOLOMBIA / NYSE: CIB), the performance of the currency coincided with the results of national legislative elections and recent monetary policy adjustments by the Banco de la República.

Global energy markets recorded a significant increase in crude prices throughout the month. Brent crude rose 63% to end March at $118 USD per barrel, while West Texas Intermediate (WTI) increased 51% to close at $101 USD per barrel. These price movements have been largely attributed to geopolitical tensions in the Middle East, which continue to influence international commodity flows and investor sentiment.

On the domestic front, the Gran Coalición por Colombia primary election recorded a turnout of more than 5 million voters. Market analysts indicated that the high participation rate was viewed as a positive indicator of institutional stability. Simultaneously, the Board of Directors of the Banco de la República increased the national policy interest rate by 100 basis points, bringing the benchmark rate to 11.25%. This decision aligns with regional efforts to manage inflationary pressures through tighter monetary control.

International market conditions also reflect a shift in expectations regarding the Federal Reserve. Due to ongoing conflict in the Middle East and persistent economic indicators, markets currently anticipate that the US central bank will maintain existing interest rates without cuts for the remainder of the year.

Looking forward to April, the research team at Bancolombia—led by Chief Economist Laura Clavijo, Macroeconomic Manager Jose Luis Mojica, and International and FX Analyst Maria Paula Gonzalez—projects that the exchange rate will trade within a range of $3,625 COP to $3,725 COP. This forecast accounts for continued volatility and heightened uncertainty in both global and domestic financial markets.

Bancolombia (photo © Loren Moss)

The Financiera de Desarrollo Nacional (FDN), a member of the Grupo Bicentenario, has announced its participation in the financial closing of the El Campano Solar Park. Located in Chinu, Cordoba, the renewable energy project is designed to strengthen national energy security and support the transition toward cleaner power sources.

The initiative involves the development, construction, and operation of a photovoltaic solar plant with an installed capacity of 128.8 MWdc (99.9 MWac). The facility is scheduled to begin commercial operations by the third quarter of 2027.

The financial structure includes a commitment from the FDN of up to $157.5 billion COP, consisting of senior debt and a bank guarantee. This contribution represents approximately 50% of the total project debt. The total investment for the project is estimated at $453.9 billion COP, utilizing a framework that combines private equity and long-term debt.

“The financial closing of the El Campano Solar Park represents a firm step in the consolidation of a cleaner, more resilient, and sustainable energy matrix for Colombia.” — Rafael Herz, acting president of the FDN

“The financial closing of the El Campano Solar Park represents a firm step in the consolidation of a cleaner, more resilient, and sustainable energy matrix for Colombia,” stated Rafael Herz, acting president of the FDN. “At FDN, we remain committed to mobilizing investment toward strategic projects that not only strengthen the country’s infrastructure but also generate positive environmental and social impacts in the regions.”

Revenue for the El Campano Solar Park is supported by a 15-year energy purchase agreement (PPA) with ISAGEN, a company maintaining a AAA credit rating. The contract operates under a “pay-as-generated” modality. Furthermore, the project is set to receive income via the Cargo por Confiabilidad (Reliability Charge) over a 20-year period, a mechanism intended to ensure long-term financial stability and debt service capacity.

The project is being developed by Atlas Renewable Energy in partnership with ISAGEN (BVC: ISAGEN). This collaboration is part of a broader joint strategy aiming to develop up to 1,000 MW of solar projects in Colombia by 2030.

In addition to its contribution to the Sistema Interconectado Nacional (National Interconnected System), the project is expected to reduce carbon dioxide emissions by approximately 4 million tons over its operational lifespan. This alignment follows national objectives regarding sustainability and climate change mitigation.

According to the FDN, the project integrates environmental, social, and governance (ESG) criteria into the financing decision-making process, focusing on the decarbonization of the economy and regional development.

Under the terms of Resolutions 00368 and 00369 issued by the Dirección de Hidrocarburos, the total amount is divided between Ecopetrol S.A., which is owed $1.2 trillion COP, and Refinería de Cartagena S.A.S. (Reficar), which is owed $0.4 trillion COP. The repayment schedule began with a cash transfer of $2.89 billion COP on April 1, 2026. The remaining balance of approximately $1.55 trillion COP is scheduled to be paid on December 15, 2026, through the issuance of Treasury Securities, or Títulos de Tesorería (TES). The Colombian state has acknowledged the financial costs associated with the time elapsed until the final December payment.

“The Ecopetrol Group continues to work in close coordination with the Ministries of Finance and Public Credit and of Mines and Energy — the authorities responsible for fuel pricing policy — in the implementation of payment mechanisms and the reduction of FEPC balances.” — Ecopetrol S.A.

Concurrent with the subsidy settlement, Ecopetrol received authorization from the Ministerio de Hacienda y Crédito Público via Resolution 0666 to execute an external public debt management transaction totaling $1.25 billion USD. The five-year loan was secured through a consortium of international lenders including BBVA (BME: BBVA; NYSE: BBVA), Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), and Bank of China (HKG: 3988). The credit facility carries a floating interest rate indexed to the Secured Overnight Financing Rate (SOFR) and will be repaid in four equal installments.

The proceeds from the $1.25 billion USD loan are designated for the repayment of existing obligations. Specifically, $1.2 billion USD will be used to settle a 2024 loan previously authorized for the acquisition of the state’s interest in Interconexión Eléctrica S.A. E.S.P. (ISA), while the remaining $50 million USD will be applied to an outstanding balance from a 2025 credit agreement. The loan agreement is governed by the laws of the State of New York and includes standard covenants regarding the borrower’s payment capacity and financial integrity.

These financial maneuvers are intended to optimize the maturity profile of the Ecopetrol Group, which remains responsible for over 60% of hydrocarbon production in Colombia. The company continues to operate integrated systems in transportation, refining, and petrochemicals, with additional international operations in the US Permian basin, the Gulf of Mexico, Brazil, and Mexico.

The appreciation of the Colombian peso occurred despite the concurrent decline in international oil prices and relative stability of the US dollar (USD) globally.

A primary factor contributing to the peso’s strength was the monetization of resources executed by the Ministry of Finance and Public Credit. According to data cited from Bloomberg L.P., the government monetized approximately $1.7 billion USD in September, with the capital originating from Total Return Swap (TRS) operations. The majority of this monetization reportedly occurred during the week of September 22.

The foreign exchange inflows correlated with elevated trading activity. Several sessions recorded high transaction volumes. On September 23, traded volume reached $2.3 billion USD, a figure only surpassed by the volume recorded on March 3, 2022. Throughout the month, the USDCOP exchange rate fluctuated between $3,830 COP and $4,047 COP, concluding the month at $3,917 COP, a decrease of $98.92 COP from the August closing level. Analysis of the market indicated that the Relative Strength Index (RSI) remained in oversold territory during multiple sessions. Data on the USDCOP performance was sourced from SET-ICAP, a local trading platform.

Monetary policy adjustments in the United States and the stability of rates in Colombia defined the global and domestic interest rate landscape for the month.

The  USFederal Reserve System (Fed) resumed its monetary easing strategy at the September 17 meeting of the Federal Open Market Committee (FOMC). The FOMC reduced the federal funds rate range by 25 basis points (bp), setting the new target at 4.00%-4.25%. The decision marked the first rate cut since December 2024 and was attributed mainly to evidence of deceleration in the labor market. Individual projections released via the Fed’s dot plot indicated expectations for two additional rate cuts before the close of 2025, followed by one more in 2026, which would situate the federal funds rate range between 3.25% and 3.50% next year. Fed Chair Jerome Powell adopted a cautious stance regarding the prospect of future monetary easing.

In contrast, the Central Bank of Colombia (Banco de la República) maintained the repo rate at 9.25%. Current market consensus does not project additional rate cuts for the remainder of the year.

Analysts forecast the USDCOP exchange rate to trade within a range of $3,850 COP and $4,050 COP throughout October. This projection is reportedly based on anticipated continued global weakness of the US dollar, the cautious policy posture of the Banco de la República, and continued adjustments in capital flow dynamics.

Colombian Peso. Photo credit: Mano Chandra Dhas.

The US dollar’s global appreciation significantly drove the peso’s performance. The Dollar Index (DXY) rose by 3.2% in July, supported by a more hawkish stance from the US Federal Reserve (Fed), solid economic data from the US, and new international trade agreements. The Fed’s Federal Open Market Committee maintained the federal funds rate at 4.25%-4.50% for the fifth consecutive time, a decision that analysts cited as contributing to the dollar’s strength. US economic indicators, including retail sales, industrial production, and second-quarter GDP, surpassed expectations. GDP grew by 0.7% compared to the first quarter, exceeding the 2.5% annualized estimate.

Looking ahead, Bancolombia projects the USD/COP exchange rate to trade between $4,000 COP and $4,200 COP over the next month.

July also saw the US finalize trade agreements with several partners, including Japan, Indonesia, the Philippines, and the European Union. Negotiations with China also resumed. These developments were noted as a factor in reducing global trade-related uncertainty, which, in turn, supported the dollar.

On the domestic front, the proposed 2026 General Budget (PGN 2026) raised concerns regarding Colombia’s public finances. The budget, which is set to increase to $557 trillion COP, faced scrutiny for a planned rise in primary spending and its reliance on assumptions of lower interest payments and higher revenues. The fiscal figures, revised within a short timeframe, contributed to increased market uncertainty and a higher risk premium for the country.

In the foreign exchange market, the USD/COP pair traded in a range between $3,949 COP and $4,205 COP during July, closing the month at $4,181 COP. This represented a $79 COP increase from the end of June. Daily trading volume averaged $1.2 billion, with an average of 1,928 transactions per day. The average intraday volatility was $46.5, which was in line with the year-to-date average.

Looking ahead, Bancolombia projects the USD/COP exchange rate to trade between $4,000 COP and $4,200 COP over the next month. The forecast maintains a depreciation bias for the peso, citing an elevated risk premium. The report also highlights international trade policy as a dominant factor, noting upcoming deadlines for reciprocal tariffs and a temporary tariff reduction agreement with China. Furthermore, the Central Bank of Colombia’s decision on July 31 to maintain its policy rate at 9.25% is expected to create upward pressure on the year-end rate. It may enhance the appeal of carry trade strategies, posing a downside risk to the peso.

Colombian Peso. Photo credit: Mano Chandra Dhas.

With the transportation subsidy of COP $200,000, the total compensation workers must receive is COP $1,623,500 per month. This adjustment will apply to all workers covered under the minimum wage regulations, including domestic workers.

Base Salary: COP $1,423,500

Transportation Subsidy: COP $200,000

Employer Contributions to Social Security:

Health: COP $120,998

Pension: COP $170,820

“Caja de Compensación” Benefit Fund: COP $56,940

Occupational Risk Insurance (ARL): COP $7,431

Social Security Contributions

Both employers and employees are required to make social security contributions. These payments ensure compliance with Colombian labor laws and protect workers’ rights to healthcare, pensions, and other benefits.

Employer Contributions

Employers must contribute the following amounts monthly:

Health: COP $120,998

Pension: COP $170,820

“Caja de Compensación” Benefit Fund: COP $56,940

Occupational Risk Insurance: COP $7,431

Employee Contributions

Employees are also required to contribute to their social security, with deductions made from their salaries:

Health: COP $56,940

Pension: COP $56,940

These contributions must be paid punctually to avoid penalties and ensure adherence to Colombian labor regulations.

Impact on Domestic Workers

The revised wage structure applies to both full-time and part-time employment arrangements for domestic workers.

Daily Wage for Part-Time Domestic Workers

Domestic workers employed daily will receive COP $54,117 per day in 2025. This figure includes the proportional amount of the monthly transportation subsidy. However, the transportation subsidy is not applicable for live-in workers, which may reduce the total cost for employers while maintaining the base salary.

Monthly Wage for Full-Time Domestic Workers

Full-time domestic workers will earn a base salary of COP $1,423,500. When factoring in the transportation subsidy, the total payment due to the worker rises to COP $1,623,500. However, employers must also account for mandatory social security contributions, bringing the total employer cost to approximately COP $2,093,568. This amount includes:

Additional Considerations

Employers hiring live-in domestic workers are not obligated to pay the transportation subsidy. This adjustment reduces the financial burden on employers while maintaining the mandated base salary. All employers are urged to review their payroll systems to ensure compliance with the new wage and contribution requirements for 2025.

Total revenues for the first quarter of 2022 increased 20.6% to $134.5 million, compared to $111.6 million in the prior year’s same quarter, driven by strong growth in single family residential activity and market share gains. Single-family residential revenues increased approximately 155% year-over-year, representing 44.4% of total revenues for the first quarter, helped by the introduction of new products, an expanding customer base and robust housing demand. Changes in foreign currency exchange rates had an adverse impact of $400,000 USD on Colombia and total revenues in the quarter.

“The strong momentum in our business has continued through 2022, driving yet another quarter of record results across our industry leading platform. As we’ve previously highlighted, the step-change in our performance continues to be derived from our strategic automation and capacity enhancements, focused efforts to control costs, and our ability to leverage our vertically integrated structure to deliver best-in-class service with attractive lead times to our expanding customer base,” said CEO and Co-Founder José Manuel Daes.

“We also continue to experience favorable single-family residential trends and market share gains as we further strengthen our presence in key U.S. regions, particularly in the Southeast where secular demand tailwinds drove our outperformance. These factors, along with our careful working capital management, helped to generate our 9^th consecutive quarter of strong cash flow. Looking to the balance of 2022, we are situated to grow our position as an industry leader and drive operational excellence throughout our organization to create additional value for all our stakeholders,” he continued.

Tecnoglass declared a quarterly cash dividend of $0.065 per share for the first quarter of 2022

Regarding the company’s move to the NYSE, he added: “Our transfer to the NYSE marks a significant milestone in Tecnoglass’ evolution as a publicly traded company. The NYSE is home to many of the world’s most well-established and valuable companies and we believe it provides unparalleled exposure to reach more investors, increase trading liquidity and raise visibility with many stakeholders, ultimately enhancing value for our highly successful company.”

Christian Daes, Chief Operating Officer and Co-Founder also added “We are excited to become a part of the world´s largest stock exchange. We are joining a very exclusive club of companies that adhere to best practices and corporate governance. Thanks to the NYSE for recognizing the Company´s successful strategy and trajectory. We also want to thank NASDAQ for its partnership with Tecnoglass since becoming a publicly traded company and for its support throughout the years.”

Discussing the quarterly results, Christian Daes elaborated: “We are extremely pleased with the growth in our single-family residential business in which our quarterly revenues again more than doubled year-over-year, representing 44% of our total revenues. Our commercial business also continues to strengthen, with our record backlog at quarter end reflecting an increasing number of commercial projects in our pipeline through 2022. The combination of our solid trajectory in single-family activity, our growing base of commercial projects and the proven efficiencies in our operations put us on path for another record year of adjusted EBITDA margins. Overall, we are thrilled to report another consecutive quarter of outstanding results and reiterate our view that Tecnoglass’ unique vertically integrated model, innovative product pipeline, and strong geographic positioning collectively put us in prime position to accomplish our objectives in 2022 and beyond.”

Gross profit for the first quarter of 2022 grew 33.2% to $60.3 million, representing a 44.8% gross margin, compared to gross profit of $45.3 million, representing a 40.6% gross margin in the prior year quarter. The 420 basis-point improvement in gross margin mainly reflected operating leverage on higher sales, greater operating efficiencies related to automation and a higher mix of revenue from manufacturing versus installation activity as Tecnoglass continues to increase its mix of single-family residential products. Selling, general and administrative expense (“SG&A”) was $26.4 million compared to $19.9 million in the prior year quarter, with approximately half of the increase attributable to shipping expense because of a higher sales volume and higher shipping rates. The remainder, or $2.7 million, of the increase in SG&A was due to non-recurring professional fees and other costs to finalize a Special Committee assessment in response to a short seller’s report issued in December 2021. The findings from the Special Committee’s review, completed in March 2022, did not result in an adverse effect on the company’s consolidated financial statements, results of operations, or liquidity for the fiscal year ended December 31, 2021 or other previously reported periods.

Net income was $21.0 million, or $0.44 per diluted share, in the first quarter of 2022 compared to net income of $8.3 million, or $0.17 per diluted share, in the prior year quarter, including a non-cash foreign exchange transaction loss of $2.9 million in the first quarter of 2022 and a $0.05 million loss in the first quarter of 2021. As previously disclosed, these non-cash gains and losses are related to the accounting re-measurement of US Dollar denominated assets and liabilities against the Colombian Peso as functional currency.

Adjusted net income was $25.4 million, or $0.53 per diluted share, in the first quarter of 2022 compared to adjusted net income of $16.6 million, or $0.35 per diluted share, in the prior year quarter. Adjusted net income, as reconciled in the table below, excludes the impact of non-cash foreign exchange transaction gains or losses and other non-core items, along with the tax impact of adjustments at statutory rates, to better reflect core financial performance.

Adjusted EBITDA, as reconciled in the table below, increased 35.1% to $45.4 million, or 33.7% of total revenues, in the first quarter of 2022, compared to $33.6 million, or 30.1% of total revenues, in the prior year quarter. The improvement was driven by higher sales, a stronger gross margin and operating leverage on SG&A. Adjusted EBITDA included a $0.8 million contribution from the company’s joint venture with Saint-Gobain during both the first quarter 2022 and the prior year quarter.

Tecnoglass declared a quarterly cash dividend of $0.065 per share for the first quarter of 2022, which was paid on April 29, 2022 to shareholders of record as of the close of business on March 31, 2022.

Tecnoglass ended the first quarter of 2022 with total liquidity of approximately $250 million, including cash and cash equivalents of $84.4 million and availability under its committed revolving credit facilities of $165 million. Given the company’s continued growth in adjusted EBITDA and strong cash generation, debt leverage continues to trend lower and now stands at 0.6 times LTM net debt to adjusted EBITDA, compared to 1.4 times in the prior year quarter. Given its strong cash flow generation, the company voluntarily prepaid $15 million under its Syndicated Term Loan facility during the quarter.

“Based on our strong momentum into the second quarter and growing project pipeline, we are increasing our full year 2022 outlook for revenues to grow to a range of $580 million to $605 million and for adjusted EBITDA to increase to a range of $185 million to $195 million,” said CFO Santiago Giraldo. “This implies adjusted EBITDA growth of approximately 26% at the midpoint. Our structural advantages through our vertically integrated business model, along with our expectations for robust demand to continue for our products and services in the US collectively provide us with confidence in our ability to report another year of record results and cash flow in the full year 2022.”

Above photo: Christian Dae (L)s & Jose Manuel Daes (R) of Tecnoglass (Photo credit – https://imgur.com/user/josemanueldaes)