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.

The Gran Salón Inmobiliario, one of Colombia’s largest real estate events, will return to Bogotá’s Corferias from August 20 to 23, 2026, marking its 20th edition with an expected participation of more than 25,000 visitors and nearly 170 exhibitors.

Organized by Corferias and the Lonja de Bogotá, the fair has operated as a sector partnership since 2005, bringing together developers, financial institutions, housing organizations, and specialized service providers.

The 2026 edition will showcase more than 1,600 real estate projects across approximately 4,900 square meters of exhibition space. The offering will include VIS (vivienda de interés social, or social-interest housing) and non-VIS developments, alongside tourism projects, commercial properties, business developments, and investment opportunities.

International showcase highlights tourism and investment projects

This year’s fair will feature an international showcase, where organizers expect more than 30 exhibitors to present projects focused mainly on tourism investment and short-term rental models.

The event announcement states that participating markets include Panama, the Dominican Republic, Mexico, the United States, the United Arab Emirates, Guatemala, and Spain, with Panama serving as the edition’s guest country. The international section will feature residential, commercial, tourism, and business developments from Colombia and overseas markets.

Academic program and visitor support services

The event will also include an academic agenda focused on topics such as real estate financing, housing subsidies, market trends, sustainability, technology, and emerging investment opportunities.

The organizers also announced experiential areas designed to connect visitors with participating brands and provide additional tools for those evaluating property purchases or investment decisions.

Throughout the four-day event, attendees will have access to financing guidance, information on subsidy programs, expert discussions, and real estate options aimed at different buyer profiles and investment objectives.

According to the organizers, the Gran Salón Inmobiliario continues to focus on connecting real estate supply and demand in a specialized environment, while providing visitors with access to guidance and support throughout the event.

Above photo: View from building of Corferias in Bogota Colombia (Photo: {Rainercol@} / Wikimedia Commons)

Grupo Energía Bogotá (BVC: GEB) and La Caisse, the investment arm of Caisse de dépôt et placement du Québec, have signed a final agreement to merge their respective Brazilian power transmission assets into a single 50/50 jointly controlled platform operating under the name Verene Energia S.A. The transaction was announced May 15, 2026, from Montréal and Bogotá.

The combined entity will consolidate 26 electric transmission concession agreements, more than 9,000 km of transmission lines, and a workforce of over 400 employees across 17 Brazilian states. At that scale, Verene will rank among the five largest power transmission operators in Brazil, a market that has drawn sustained interest from international infrastructure investors as the country advances grid modernization programs.

Verene, which had previously operated as La Caisse’s dedicated transmission platform in Brazil, will continue as the reference vehicle for the combined portfolio. The partners have indicated that the platform will be positioned to pursue acquisitions and network expansions in Brazil’s transmission concession market, with grid modernization and decarbonization cited as the broader policy context driving new investment opportunities.

“By bringing together highly complementary assets under one banner, the partnership establishes Verene as a scaled, business-driven platform with strong financial backing.” — Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability, La Caisse

Grupo Energía Bogotá, headquartered in Bogotá and listed on the Bolsa de Valores de Colombia (BVC: GEB), has operated in Latin America’s energy sector for more than 130 years. The company holds assets in electricity generation, transmission, distribution, and gas transportation and distribution across Colombia, Peru, Brazil, and Guatemala. Its entry into the joint venture contributes its existing Brazilian transmission concessions to the merged platform alongside La Caisse’s Verene assets.

La Caisse manages net assets of 517 billion CAD as of December 31, 2025, on behalf of 48 depositors representing more than six million Quebecers. The fund is active across major financial markets, private equity, infrastructure, real estate, and private credit, and has built a significant infrastructure portfolio in Latin America through investments including the Verene platform.

Juan Ricardo Ortega, president of Grupo Energía Bogotá, described the rationale for the transaction in terms of combining complementary strengths. “By combining our operational expertise and regional market knowledge with the financial strength and global perspective of our partner, we are creating a platform positioned to accelerate growth, expand transmission energy infrastructure, and support Brazil’s energy transition,” he said. “We believe this alliance will generate sustainable value for our stakeholders and contribute to Brazil’s economic and energy development.”

Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse, framed the deal as a consolidation play. “By bringing together highly complementary assets under one banner, the partnership establishes Verene as a scaled, business-driven platform with strong financial backing,” Jaclot said. “GEB brings more than 130 years of operating heritage and ranks among Latin America’s leading energy infrastructure groups, with deep expertise across the region’s transmission sector. Together, we share a vision to strengthen Verene’s footprint in Brazil through value-creating acquisitions and continued support for the country’s energy transition.”

Financial close is expected by the fourth quarter of 2026, subject to customary closing conditions, regulatory consents, and approvals. BTG Pactual (BVMF: BPAC11) acted as financial advisor to La Caisse, with Pinheiro Neto Advogados serving as legal counsel. Citibank (NYSE: C) advised Grupo Energía Bogotá on the financial side, while Mayer Brown provided legal advice to GEB.

The rating action included an upgrade for one fund and the affirmation of ratings for six others. The ratings assigned by Fitch do not constitute an opinion on the probability of the application of extraordinary liquidity management measures or the funds’ redemption risk.

Key Rating Factors

The foundation for the affirmation and revision of the ratings rests on the current profile of the FIC’s asset portfolios, investment strategies, and management policies.

Credit Quality Assessment

The credit quality ratings are derived from the weighted average credit quality of each FIC’s portfolio, with specific focus on the quality and diversification of instruments and counterparties, as well as the established investment limits. All FICs maintained a Weighted Average Credit Quality Factor (WACF) consistent with the ‘AAAf(col)’ national rating, the highest designation on the scale.

The upgrade of the FIC Renta Fija Plus credit quality rating to ‘AAAf(col)’ was attributed to the sustained stability in the investment portfolio’s credit profile. This stability led to a consistent reduction in the fund’s WACF, bringing it within the required range for the ‘AAAf(col)’ rating.

Market Risk Sensitivity

The market risk sensitivity ratings are based on the average duration of the funds, calculated by the Weighted Average Rating Factor (WARF), and the fund’s sensitivity to spread risk (MRF).

Sensitivity to Future Rating Actions

Downgrade Factors

A downgrade in the FIC’s credit quality ratings could occur if the portfolio undergoes significant changes in composition or if investment strategies are modified to increase the WACF, reflecting a lower credit quality. This applies to all FICs with the exception of those rated at Df(col), which is the minimum national scale rating.

Similarly, a downgrade in market risk sensitivity could result from significant changes in portfolio composition, duration, or spread risk, or if modifications to investment strategies increase the MRF and reflect greater sensitivity to market risk. The potential for the use of financial leverage is also a factor considered in the sensitivity assessment.

Upgrade Factors

The credit quality ratings for all FICs and the market risk sensitivity ratings for FIC Fiducuenta, FIC Fiduexcedentes, and FIC Renta Liquidez are the highest on the national scale. Therefore, a further positive rating action is not possible for these specific funds.

The market risk sensitivity rating for FIC Fidurenta and Plan Semilla could be reviewed for an upgrade if their MRF remains consistently below the thresholds established by Fitch for their current ratings.

Bancolombia S.A. Subsidiaries

Bancolombia S.A. (NYSE: CIB, BVC: CIBEST) is the parent company of a financial group with operations across Latin America. The group, now formally operating under the holding structure Grupo Cibest S.A., manages a broad range of businesses.

Key subsidiaries within the corporate structure include:

• Banistmo (Panama)
• Banco Agrícola S.A. (El Salvador)
• Grupo Agromercantil Holding (GAH), which includes Banco Agromercantil de Guatemala (BAM)
• Valores Bancolombia S.A. Comisionista de Bolsa (Securities Brokerage)
• Banca de Inversión Bancolombia S.A. Corporación Financiera (Investment Banking)
• Compañía de Financiamiento Tuya S.A. (Financial Services, Retail Credit)

The revised model delineates two primary functions within EPM. One segment of the organization now oversees strategic management across the 47 companies that comprise the Grupo EPM—which operates in Colombia, Chile, El Salvador, Guatemala, Mexico, and Panama—while the other focuses on direct public service delivery in Medellín and the department of Antioquia. The legal status and public ownership of EPM remain unchanged.

Administrative Adjustments and Workforce Impact

As part of the restructuring, EPM reduced its number of executive positions from 247 to 206. This change shortened reporting lines and flattened hierarchies in several departments. The company reports that 45 internal professionals were promoted to executive roles, and 21 department heads were elevated to higher-level positions.

The reorganization also includes the transformation of EPM’s existing Shared Services Center (CSC) into a proposed sub-management unit called “Global Business Services” (GBS). The GBS model, which is under internal review but not yet approved by the board of directors, aims to consolidate and standardize fragmented processes currently distributed across multiple departments.

GBS structures are widely adopted in multinational corporations for centralized service delivery. In Colombia, similar models are used by Grupo Argos (BVC: GRUPOARGOS, PFGRUPOARG), Grupo Nutresa (BVC: NUTRESA), Organización Corona, Grupo Aval (BVC: GRUPOAVAL, PFAVAL), and Grupo de Energía de Bogotá (BVC: GEB).

Strategic Objectives and Governance

The restructuring is part of EPM’s broader effort to enhance its governance framework and align its operational model with global trends in digital transformation, energy transition, and circular economy practices. The company has emphasized that the changes are not intended to split the organization but to clarify roles and responsibilities between corporate oversight and service execution.

EPM’s leadership team under General Manager John Alberto Maya Salazar includes newly appointed vice presidents across strategic, energy, water and sanitation, finance, regulation, and customer experience divisions.

Photo credit EPM.

Organized by Agrilink and Corferias , the exposition served as a platform for showcasing technological advancements in agribusiness, including drones, software applications, and other digital tools. Sustainability was a reported theme throughout the event. “Once again, we connect all the actors of the agri-food ecosystem with their audiences, consolidating ourselves as the epicenter of the evolution of agriculture,” said Doris Chingaté, project manager for Expo Agrofuturo at Corferias.

The AgroMatch business roundtable held 459 meetings connecting 160 exhibitors with 33 buyers. Photo credit: Corferias.

Ricardo Jaramillo, CEO of Agrilink, stated, “We have been connecting field producers with technology for almost 20 years. Implementing tools such as technification, data management, and the use of drones allows industry players to improve productivity, optimize times, and increase profitability.”

A significant component of the event was the business roundtable, named AgroMatch, which facilitated 459 meetings between 160 exhibitors and 33 buyers. Participants came from Brazil, Chile, Colombia, Ecuador, Spain, the United States, Guatemala, Panama, Peru, the Dominican Republic, and Venezuela. These meetings resulted in projected business expectations of $5,976,710 USD.

The dollar value of committed deals is as follows:

• 1 to 3 months: $685,245
• 3 to 6 months: $1,763,598
• 6 to 12 months: $1,856,324

Products negotiated included fresh produce such as Hass avocados, citrus fruits, and various tropical fruits, as well as meat, dairy, coffee, and cocoa.

The academic portion of the event, the Agricultural Innovation Forum (FIXA), featured over 15 speakers and more than 100 activities. Discussions focused on topics like sustainability in livestock, soil management, new markets, and technology.

The next edition of Expo Agrofuturo is scheduled to be held in Bogotá at the Corferias fairgrounds. The event takes advantage of Econexia, Corferias’s digital business and networking platform.

Photo credit: Corferias.

In a written statement, Trump said:

“In Colombia, coca cultivation and cocaine production have surged to all-time records under President Gustavo Petro, and his failed attempts to seek accommodations with narco-terrorist groups only exacerbated the crisis.  Under President Petro’s leadership, coca cultivation and cocaine production have reached record highs while Colombia’s government failed to meet even its own vastly reduced coca eradication goals, undermining years of mutually beneficial cooperation between our two countries against narco-terrorists.  For this reason, I have designated Colombia as having failed demonstrably to meet its drug control obligations. Colombia’s security institutions and municipal authorities continue to show skill and courage in confronting terrorist and criminal groups, and the United States values the service and sacrifice of their dedicated public servants across all levels of government.  The failure of Colombia to meet its drug control obligations over the past year rests solely with its political leadership.  I will consider changing this designation if Colombia’s government takes more aggressive action to eradicate coca and reduce cocaine production and trafficking, as well as hold those producing, trafficking, and benefiting from the production of cocaine responsible, including through improved cooperation with the United States to bring the leaders of Colombian criminal organizations to justice.”

The US State Department on social media directly blamed Gustavo Petro for the failures, but also noted that the US government issued a 1-year waiver, meaning bilateral cooperation, and almost half a billion USD in security and antinarcotics aid to Colombia will not end immediately. One year from now, Colombia will have a new president, as Petro’s term comes to an end August 7^th, 2026.

The decertification puts half a billion dollars of US security aid to Colombia at risk. Mafia & insurgent groups have flourished during the government of Gustavo Petro.

“Under Petro’s misguided leadership, coca cultivation & cocaine production in Colombia has increased to historic levels…President Trump “has determined that the Colombian government failed to uphold its drug control obligations, but he has issued a waiver so critical US cooperation, including on counter-narcotics, can continue. Results matter – we must see progress and it must be soon!” the State Department tweeted.

Colombian President Gustavo Petro ran on a presidential campaign promising “total peace” and pledging programs that would replace coca production with other food crops, increasing Colombia’s agricultural exports. What has happened, however, is the reverse. Narco-insurgent groups such as FARC dissident mafias, communist rebels ELN, and the Clan del Golfo (Gulf Clan) mafia are all resurgent and taking over territory from government control. Over the weekend, narco-insurgents bombed an electrical tower in Medellin, and this just a few weeks after a massive truck bomb killed over 19 in Cali, Colombia’s third largest city. Under the Petro administration, cocaine production has surpassed levels seen during the days of the cartels and Pablo Escobar.

Petro, a former member of the M-19 guerilla group himself, has made statements defending cocaine, calling it “no worse than whisky,” and in April, his own former foreign minister Alvaro Leyva publicly accused him of being a drug addict.

“It was in Paris where I was able to confirm that you had a problem with drug addiction. But what could I do? Surely, I was not up to the task. I should have reached out, helped, intervened. I carry the regret of not having tried to lend a hand. The truth is, you never recovered. That is the reality,” said Leyva.

A defiant Gustavo Petro refused to accept any responsibility and said that the Trump administration’s decision demonstrates that US policy has failed.

Petro’s own Interior Minister, Armando Benedetti, is an admitted recovering drug addict.

Last night, a defiant Petro blamed the US and defended his administration’s efforts, saying that the move would end Colombia’s dependence on the United States, and cited the government’s recent cocaine seizures, without mentioning the skyrocketing production during his Council of Ministers meeting.

“You begin with a factual lie. Coca crop growth has occurred during (Iván) Duque’s administration, and with forced fumigation. It is U.S. policy that has failed. To reduce coca leaf cultivation, what is needed is not glyphosate dropped from airplanes, but a decrease in demand for cocaine, primarily from the U.S. and Europe,” said Petro in response to the US State Department statement.

Former Colombian President Ernesto Samper, whose administration also experienced decertification, and whose 1994 campaign was partially financed by the Cali Cartel drug lords, assured that decertification was “not the end of the world.” The former president added that “we must once again demand that consumer countries like the United States and many in Europe fulfill their commitment to reducing drug demand, precisely at a time when consumption of plant-based drugs has declined and the devastating effects of synthetic drugs like fentanyl and other narcotics we don’t produce are being felt.”

Samper stated that the decision to decertify Colombia in its fight against drugs “is illegal, political, and regressive.” He explained that it is “illegal because no country is authorized to impose unilateral sanctions on another country or its nationals. Only the United Nations can do so under established circumstances and in justified cases of necessity,” and it is political “because it has always been used to punish countries considered “enemies” of the United States. The worst right-wing dictatorships have benefited from the non-application of decertification, while our country, which has paid high human and institutional costs, is decertified every time the Colombian government appears as an “enemy” of the United States government.”

Paisa politicians blame Petro

Not all Colombian politicians are defending Petro. Medellín’s mayor Federico “Fico” Gutierrez, who returned from the US on his own diplomatic missive to meet with US officials  in direct defiance of Petro’s orders not to go, issued a statement damning the Colombian President:

“Colombia is being decertified by the United States in the fight against drugs. It was to be expected. Petro sided with the worst criminals. They are the only ones who have won under this disastrous government. During our visit to Washington last week, our position was to ask that Colombia not be decertified. And if it were to happen, we asked that support for our public forces in the fight against drug trafficking not be withheld, nor that the trade on which millions of jobs depend in Medellín and throughout Colombia be affected. Indeed, our agenda in Washington was successful in defending Colombia. Although Colombia is decertified, it leaves the door open for support for our public forces and expressly highlights the recognition that the United States gives to our public forces and mayors: *“Colombia’s security institutions and municipal authorities continue to demonstrate skill and courage in confronting terrorist and criminal groups, and the United States values ​​the service and sacrifice of its dedicated public servants at all levels of government.”* (see photo) In the midst of all this, we would have solutions as a country. But seeing Petro’s absurd statements, his intention is for Colombia to lose this opportunity and for us to be plunged into chaos. It is very evident that this is what he wants and has sought all along: to be left alone and remain in power. All the more reason we remain steadfast in the defense of Colombia and our people. We pull Colombia forward from the regions.” (below video)

Colombia es descertificada por Estados Unidos en la lucha contra las drogas. Era de esperarse. Petro se puso fue del lado de los peores criminales. Son los únicos que han ganado con este nefasto gobierno.
En nuestra visita a Washington de la semana pasada, nuestra posición fue… pic.twitter.com/2qEIBTpTGU

— Fico Gutiérrez (@FicoGutierrez) September 16, 2025

The Governor of Antioquia, Andrés Julián Rendón, also had a scathing rebuke for his own president. Antioquia is the Colombian department where Medellín is capital and is home to much of Colombia’s economic activity. Rendón tweeted:

“Regarding the decertification of Colombia, the Government of @petrogustavo – It’s a snapshot of the failure of “total peace,” of temporizing with criminals, of dealing with them in a friendly way while they destroy the country and Colombians. – Now, the Petro government should stop playing the victim coming up with resentful, outdated, anti-US rhetoric. The President is reaping his own harvest of incompetence and failure: he sided with the criminals. The world and the US are paying him back. – Antioquia is the first victim: flooded in a sea of ​​cocaine by a weak government that ties up soldiers and police to prevent action. The criminals win, and we Antioqueños lose. Drugs, drugs, and more drugs to poison our youth and to enrich and strengthen the criminals. – Aerial spraying was the most successful tool in the past: effective in eradication, it protected our soldiers and police. It must be reactivated. Tomorrow will be too late! It’s been proven: more cocaine seizures are not proof of greater effectiveness in the fight against drug trafficking; rather, they are the ultimate proof of a historic peak in production. We’ve gone back more than 20 years, but fortunately, this government has only months left. In Antioquia, despite intimidation and judicial persecution, we will continue working to defend the interests of my fellow citizens, adhering to the Constitution and appealing to the courage of soldiers and police. In our government, we understand peace as the rule of law, security, justice, and social opportunity. We will remain there, even if our lives and freedom are at risk.

Sobre la decertificación a Colombia, al Gobierno de @petrogustavo:

– Es una radiografía del fracaso de la paz total, de contemporizar con criminales, de tratarlos por las buenas mientras acaban con el país y los colombianos.

– Ahora que el Gobierno Petro no se haga la víctima… pic.twitter.com/OygRV29NER

— Andrés Julián (@AndresJRendonC) September 16, 2025

Business calls for cooler heads to prevail

Amcham Colombia, the binational Colombian-American chamber of commerce based in Bogotá and made up of both Colombian and US businesses involved in bilateral trade, issued a statement lamenting the decision, while also calling for the Colombian President to do more to save the relationship.

“AmCham Colombia firmly and respectfully calls on the National Government to urgently present and implement a roadmap with achievable and verifiable goals that demonstrate political will and substantial improvements in crop eradication, production and trafficking reduction, judicial cooperation, and the financial dismantling of criminal organizations. Only then can the country request reconsideration of the designation in the next cycle and maintain assistance within the national interest of the United States.

Respectfully, AmCham Colombia invites the United States Government to recognize the progress in interdiction and seizures and to consider announcing the resumption of spraying when appropriate and under the safeguards of the Constitutional Court, complemented by alternative development and a comprehensive state presence. These signals should contribute to avoiding measures that affect trade, tourism, and investment between the two countries.”

🇺🇲🇨🇴 #Descertificación con interés nacional@AmChamCol hace un llamado firme y respetuoso al Gobierno Nacional para presentar y ejecutar con urgencia una hoja de ruta con metas alcanzables y verificables que evidencie voluntad política y una mejora sustancial en: erradicación… pic.twitter.com/qDer8SKYFl

— Maria Claudia Lacouture (@mclacouture) September 16, 2025

Above image: Gustavo Petro during his council of ministers meeting where he defended his administration and blamed Trump for his country’s decertification. Photo credit: Ovidio González – Presidencyof The Republic

The new route will offer flights on Mondays, Wednesdays, and Fridays, providing a non-stop connection between Colombia’s capital and Guatemala City. This expansion facilitates access to a country known for its cultural, natural, and historical attractions.

The Instituto Guatemalteco de Turismo (INGUAT), the government entity responsible for tourism, reported a significant increase in Colombian visitors. According to INGUAT, 39,000 Colombians visited Guatemala during the first half of 2025, marking a 9% increase compared to the same period in the previous year. In 2024, the country welcomed more than 58,000 Colombian visitors.

Lake Atitlán. Photo credit: Wingo.

Harris Whitbeck, director general of INGUAT, noted the importance of the Colombian market. “Colombia is one of our key source markets in South America. This new air connection will make it easier for more travelers to discover the natural, cultural, and culinary richness that Guatemala offers.”

Jorge Jiménez, commercial and planning vice president for Wingo, a subsidiary of Copa Holdings (NYSE: CPA), stated that the new route is aimed at expanding travel opportunities for Colombians.

The new service arrives in time for Guatemala’s primary tourism seasons, including the Festival of Giant Kites in Sumpango and Santiago Sacatepéquez in November, as well as the dry season, which runs from November to April. The flight is expected to have a duration of approximately three hours and 30 minutes.

Parque Nacional. Photo credit: Wingo.

The central government fiscal deficit for 2024 came in at 6.7% of GDP, sharply underperforming Fitch’s forecast of 5.6% of GDP, mainly due to revenue shortfalls and an inability to implement offsetting spending cuts.

Fitch’s assessment of the Operating Environment (OE) for Colombian banks remains unchanged, despite the negative outlook on the sovereign rating. This outlook is mostly driven by worsening fiscal and public debt dynamics, but not necessarily reflecting weaker economic activity or any other material headwind to the banks’ operating conditions.

The banking system’s sufficient capitalization, improving profitability, and reducing loan impairment charges provide adequate resilience to withstand stress from government and external shocks. GDP growth is projected to increase to approximately 2.7% in 2025, up from 1.7% in 2024.

This portfolio review includes Colombian banks with Issuer Default Ratings (IDR) rated at the same level or above that of the sovereign. Fitch believes these ratings are more sensitive to a potential downgrade of the sovereign rating. Furthermore, the agency will not rate Colombian FIs higher than the sovereign rating, based on their current intrinsic credit profiles, except for those with highly-rated parents. Fitch has affirmed all the ratings for the Colombian banks included in this review.

The Viability Ratings (VR) were not reviewed at this time, given that these ratings do not have explicit outlooks, and also considering the affirmation of the OE score with a stable outlook. However, VRs at the ‘bb+’ level would likely be downgraded in the scenario of a potential sovereign downgrade, as Fitch rarely rates a bank’s VR higher than the respective sovereign rating.

The banks’ national ratings, as well as those of other financial institutions rated in Colombia, are not directly impacted, as these ratings reflect the relative strengths and weaknesses of each institution in a specific jurisdiction.
Rating actions have also been taken on the Colombian FI’s Central American subsidiaries, specifically in Costa Rica, Guatemala, and Panama.

Fitch Ratings building Photo credit: Shashank457.

Fitch affirmed Ecopetrol S.A.‘s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB+’ and revised the outlook to negative from stable, reflecting the change in the rating outlook of the Republic of Colombia’s IDR (BB+/Negative).

The strong linkage to the sovereign reflects Colombia’s credit profile. The ratings also reflect the Colombian government’s significant incentive to support Ecopetrol in the event of financial distress. This support stems from Ecopetrol’s strategic importance as a key liquid fuel supplier in Colombia and owner of 100% of the country’s refining capacity.

Fitch affirmed Interconexion Electrica S.A. E.S.P.’s (ISA) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BBB’ and revised the outlook to negative from stable, in line with Ecopetrol. ISA’s credit profile matches its ‘BBB’ rating and is not limited by the credit profile of its controlling owner, Ecopetrol. According to Fitch’s “Parent and Subsidiary Linkage Rating Criteria,” because Ecopetrol owns more than 51% of ISA, linkage should be considered in the assessment. The presence of regulatory ring-fencing mechanisms, material minority shareholders, and a track record of strong governance practices prevents Ecopetrol’s capacity to extract value from its stronger subsidiary.

Fitch views ISA’s funding and cash management policies as highly autonomous from Ecopetrol, expects ISA to maintain its independence, positively reflected in the ratings. Consequently, ISA’s ratings result from a ‘consolidate plus two’ approach to an IDR of ‘BBB’. Any changes in ISA’s corporate governance, business, or financial strategy may exert downward pressure on the company, particularly in the event of a structural increase in its dividend payout ratio.

Fitch affirmed Oleoducto Central S.A. (OCENSA)‘s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB+’ and revised the outlook to negative from stable, in line with Ecopetrol. OCENSA’s ratings reflect its linkage with Ecopetrol’s credit profile, the largest crude oil producer in Colombia and OCENSA’s main off-taker. OCENSA’s operations are integral to Ecopetrol’s core business due to operational synergies. Ecopetrol relies heavily on OCENSA’s infrastructure to transport crude oil from production fields to refineries and export terminals. Fitch considers OCENSA strategically important for Ecopetrol because it transported 82% of Ecopetrol’s crude oil production in 2Q24.

Fitch affirmed A.I. Candelaria (Spain), S.A.’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB’ and revised the outlook to negative from stable, in line with OCENSA. A.I. Candelaria’s outstanding notes will remain structurally subordinated to OCENSA’s outstanding $400 million USD notes. As the holding company, A.I. Candelaria depends on dividends from OCENSA to service its obligations. Therefore, a substantial leverage increase at OCENSA could increase the structural subordination of A.I. Candelaria’s creditors.

This risk is mitigated by OCENSA’s record of stable dividend distributions and A.I. Candelaria’s right to veto changes to OCENSA’s dividend policy and capex plans above $100 million USD. Fitch believes the projected dividend stream will be more than sufficient to cover interest expense and principal payments on A.I. Candelaria’s outstanding notes.

Fitch affirmed Grupo Energia Bogotá S.A. E.S.P. (GEB)‘s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BBB’ and revised the outlook to negative from stable, reflecting the change to the rating outlook of the IDR of Bogotá (BB+/Negative). Fitch assesses GEB’s Standalone Credit Profile (SCP) at ‘bbb’. GEB operates independently and autonomously, positively affecting its ratings.

Fitch believes regulatory ring-fencing mechanisms, material minority shareholders, and strong governance practices reduce the parent’s capacity to extract value from its stronger subsidiary. Under Fitch’s “Parent-Subsidiary Rating Criteria,” these factors lead Fitch to rate GEB two notches above Bogotá’s consolidated profile.

Fitch affirmed Transportadora de Gas Internacional S.A. ESP (TGI)‘s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BBB’ and revised the outlook to negative from stable, in line with GEB. Fitch caps TGI’s SCP at Colombia’s ‘BBB-‘ country ceiling, as 100% of the company’s 2024 EBITDA was generated in Colombia.

TGI’s ratings receive a one-notch uplift considering GEB’s medium-to-high operational and strategic incentives to support TGI, equalizing their ratings, per Fitch’s Parent-Subsidiary Linkage Criteria. These incentives reflect GEB’s nearly 100% ownership of TGI and the substantial financial contribution to GEB of approximately 45% of GEB’s operating EBITDA. Fitch also expects investment in Colombia and midstream businesses, such as TGI’s, to remain a strategic focus for GEB’s future growth.

Fitch affirmed Empresas Publicas de Medellín E.S.P. (EPM)‘s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB+’ and revised the outlook to negative from stable, reflecting the change to the rating outlook of Medellín’s IDR (BB+/Negative). The linkage reflects the financial relevance of the company to Medellín, the lack of effective documentation that limits dividend distribution, and the city’s influence on the company’s administration and operations. EPM’s distributions contribute an average of 20% or more of government revenues and a material 20%-30% of the city’s investment budget.

Fitch affirmed Enel Colombia S.A. E.S.P.’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BBB’ and revised the outlook to negative from stable, reflecting the change to the rating outlook of the Republic of Colombia’s IDR. The company is headquartered in Colombia (BB+/Negative), and its operation in this country represented approximately 90% of its consolidated EBITDA accumulated for the LTM ended September 2024.

Fitch caps Enel Colombia’s SCP at Colombia’s ‘bbb-‘, given the substantial cash flow generation from the country. Cash flows from the operations in Panama (BB+/Stable), Guatemala (BB/Positive), and Costa Rica (BB/Positive), exceed the company’s hard currency debt service coverage for the next 12 months by more than 1.5x.

Hidroituango hydroelectric dam. (Photo credit: EPM)