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The new Ecopetrol subsidiary will be responsible for the subscription and execution of the petroleum contracts that the company has in Mexico.

Ecopetrol is partnering with Pemex on one block and the Mexican subsidiary of Malaysian oil company Petronas on the other concession.

"The next administrations in both Chile and Colombia will face challenges to achieving fiscal consolidation," said Fitch.

Up to 15 fintech companies will enter a three-month training and capital-raising program. The two highest-performing startups will receive at least $75,000 USD in funding.

After Brazil (51% negative) and Colombia (20%), Fitch Ratings has assigned negative outlooks to 19% of corporates in Chile, 12% in Peru, 9% in Mexico, and 6% in Argentina.

With Mexican pension funds now subject a 0% tax rate, Colombia's finance minister expects the incentive to "attract new resources to finance companies and projects" in the country.

"Corporates have been negatively affected by elevated interest rates in several countries and rising taxes," said Paula Bunn of Fitch Ratings.

The IMF is predicting 2.3% GDP growth for Colombia in 2017, a decrease from the 2.7% expansion the institution had forecasted in October.

Airline improvement in recent years means more Colombians "now consider air travel their first choice when traveling," said Wingo CEO Catalina Bretón.

The 2016 total was more than half a billion dollars above the $5.2 billion USD reported in 2015 and puts the industry second in terms of foreign revenue generation after the oil sector.