Federico Gutiérrez, the mayor of Medellín, used a July 27, 2026, press conference to lay out what he described as a coordinated criminal structure operating inside the administration of his predecessor, former mayor Daniel Quintero Calle, and Quintero’s brother, Miguel Quintero Calle. Gutiérrez told reporters the network reached into nearly every district agency and directed more than $1 trillion COP in public contracting, based on findings the Alcaldía de Medellín (Medellín Mayor’s Office) has compiled since he took office in January 2024.

Prosecutors classify the alleged network as a grupo de delincuencia organizada, or GDO (organized crime group) — a designation Colombian law uses for entrenched, racketeering-style criminal structures. Gutiérrez has given it a public nickname, “Hermanitos Q” (Little Q Brothers), and said the case file, which stood at 501 findings in an earlier accounting, now includes 666 findings after his administration added 165 new files. He said the Fiscalía General de la Nación (Attorney General’s Office) has formally charged 55 people, a number he expects to reach 59, and that the combined prison exposure of the group’s members, based on current charges, exceeds 750 years, according to Infobae Colombia.

Gutiérrez said the network coordinated in part through a WhatsApp group its members called “Los Amiguitos” (The Little Friends), which he said the implicated parties created themselves in 2020 and which prosecutors are using as evidence. He also displayed images he said documented purchases tied to the alleged scheme: an armored Toyota pickup truck Miguel Quintero acquired about two months into the administration, valued at $260 million COP, a swimming pool built at Miguel Quintero’s farm in Copacabana, Antioquia, valued at $160 million COP, and firearms, according to Infobae Colombia. “This wasn’t a government with corruption cases,” Gutiérrez told reporters. “It was corruption governing from different desks. As they say, not even Ali Baba dared so much.”

Quintero governed Medellín from 2020 to 2023. He now serves as Colombia’s national Superintendent of Health, appointed by President Gustavo Petro by decree in April 2026 despite the pending charges, according to El Espectador. The appointment drew public opposition from health-sector groups, including Change.org petitions that together gathered more than 17,000 signatures asking Petro to reconsider, according to Infobae Colombia. Quintero rejected Gutiérrez’s allegations the same day, calling the mayor “ridiculous” in a post on X: “The only government plan Mayor Federico Gutiérrez had was trying to screw me over because I denounced what happened at Hidroituango, where $10 trillion COP is still missing that people are paying for through their utility bills,” he wrote, according to Infobae Colombia. Hidroituango, EPM’s long-delayed and cost-overrun hydroelectric project, predates Quintero’s administration.

The Área Metropolitana and Itagüí’s fire department

The most legally advanced case centers on six contracts signed between 2020 and 2023 between the Área Metropolitana del Valle de Aburrá (Metropolitan Area of the Aburrá Valley, AMVA) and the volunteer fire department of Itagüí, a Medellín-area municipality, worth $17,645 million COP, according to Infobae Colombia. Prosecutors allege the money, meant to fund emergency and pandemic response, was instead diverted through inflated invoices. Juan Alberto Cardona Henao, the fire department’s former accountant, has already been convicted and sentenced to 19 months in prison; he is cooperating with prosecutors under a plea agreement. Miguel Quintero, his business associate Sebastián Ortega, former AMVA official Álvaro Villada and Vanesa Álvarez Restrepo face a hearing where prosecutors intend to formally charge them with embezzlement and undue interest in contracting — exposure of up to 22 years and six months. That hearing has been postponed three times: originally set for August 3, pushed to August 25 and then to August 31 at the request of Villada’s defense, and voided a third time on August 31 itself, after the presiding judge agreed with Quintero Calle’s defense that the case had been improperly transferred to her courtroom following the original judge’s medical leave. It is now scheduled for September 10, according to Infobae Colombia.

Afinia and EPM’s Caribbean coast utility

Gutiérrez also renewed a long-running allegation, first raised by his administration in 2024, that the general manager’s post at Afinia — a Caribbean-coast electricity distributor in which EPM (Medellín’s public utility) holds a stake — was effectively sold during Quintero’s term for between $5 million and $8 million USD, in a deal allegedly brokered at a restaurant in Medellín and finalized in meetings in Cartagena and Barranquilla. Gutiérrez said the buyers installed Javier Lastra Fuscaldo as general manager in August 2021 with the help of Emilio Tapia, a contractor already convicted in Bogotá’s unrelated “carrusel de la contratación” (contracting carousel) case. Lastra has denied the allegations since they first surfaced. “Nobody made conditions on my appointment at Afinia, and my management was carried out based on good practices,” he told El Colombiano in 2024, adding that he had not been formally notified of any complaint against him. Gutiérrez said Afinia has lost $1.5 trillion COP a year since; separately, EPM’s own board told El Colombiano in 2024 that Afinia was losing $80 billion to $90 billion COP a month and needed at least $1.5 trillion COP in fresh investment that year.

Medellín Mayor Federico “FICO”Gutierrez speaking on “Los Hermanitos Q.” (courtesy Alcaldia de Medellín)

Metroparques, the Aguas water park, and Inder

Prosecutors have filed a formal accusation against four people over maintenance contracts for the Parque de las Aguas water park, administered through Metroparques, worth close to $22 billion COP: Álvaro Villada, Jorge Enrique Liévano (Metroparques’ former general manager), Viviana del Valle Velázquez (the entity’s former purchasing chief) and contractor Juan Alexander Pino Jaramillo, who together face up to 33 years in prison, while three additional contractors face up to 16 years. Prosecutors allege contracting companies tied to Pino — Comercializadora J. Pino SAS, Soluciones SAS and Estructuras Zafiro SAS — received more than $4.5 billion COP, and that cost overruns on chlorine, floodlights and biosafety supplies alone caused more than $2.79 billion COP in damage. Authorities have already applied asset forfeiture to a car and a motorcycle tied to the case.

A separate, related matter involves a 2020 contract awarded to Sian Eventos y Logística SAS, led by Mauricio Jaramillo Botero, to supply sports equipment for youth recreation programs run by Inder (Medellín’s sports and recreation institute) through Metroparques. Gutiérrez said the contract ran up $3,705 million COP in cost overruns on balls, medals, uniforms and trophies, stretched from a planned two-and-a-half months to 26 months, and that roughly $200 billion COP in Inder funding was separately redirected to Metroparques through similar inter-agency contracts. Jaramillo faces up to 16 years in prison; Diana Paola Toro (Inder’s director), Liévano and María Eugenia Domínguez (another former Metroparques general manager) face up to 33 years.

Buen Comienzo, the early-childhood program

Gutiérrez said prosecutors have charged three people over an early-childhood nutrition and education contract awarded in October 2020 to Corporación Colombia Avanza, after Quintero appointed Vivian Cecilia Puerta Guerra to run the Buen Comienzo program. According to the accusation Gutiérrez cited, the contract exceeded the corporation’s demonstrated operating capacity by 2,816%, producing patrimonial damage of roughly $1,423 million COP — money Gutiérrez said could have fed more than 3,300 additional children for a month. Colombia’s Procuraduría General de la Nación (Inspector General’s Office) has already barred former education secretary Marta Alexandra Agudelo from holding public office for eight years; she and Henry Paulison Gómez Montoya, Colombia Avanza’s general manager, face up to 33 years and 16 years respectively in the criminal case. Gutiérrez said four children ages 0 to 5 died of acute malnutrition in Medellín in 2023, the last full year of Quintero’s term, and that no similar deaths have occurred since.

The Jardín Botánico and a witness’s murder

A 2020 contract to maintain the city’s parks and green spaces, previously handled by the nonprofit Jardín Botánico de Medellín, was instead awarded through a private process to Reforestadora El Líbano SAS for $5,250 million COP, according to Gutiérrez. The Procuraduría has already disqualified former infrastructure secretary Natalia Urrego Arias and Liévano from public office for nine years over the contract; Luz Eliana Henao Rodríguez, El Líbano’s legal representative, faces up to nine years in the separate criminal case. Gutiérrez also renewed a request to the Fiscalía and national police for protective measures for witnesses in the broader investigation, citing the March 14, 2024, killing of Asdrúbal Vélez Orozco, a businessman linked to El Líbano and the husband of Henao. Gutiérrez said other witnesses and their families are currently being threatened and pressured.

Aguas Vivas and the international money trail

The Aguas Vivas case, the one that directly names Quintero, is separate from the broader “Hermanitos Q” file but factors into Gutiérrez’s overall tally: 13 people, including Quintero, face embezzlement and abuse-of-authority allegations tied to $42 billion COP in alleged patrimonial damage and more than 4,000 pieces of evidence. Gutiérrez has also pointed to an alleged international money trail: a Medellín businessman’s Miami-based gold-trading company reported revenue of roughly $112 billion COP over the last three years of Quintero’s administration, then reported no income after Gutiérrez took office in 2024, according to Telemedellín.

US Ambassador to Colombia Hugo Guevara visited Gutiérrez’s office in Medellín on August 21 for talks focused on combating child sexual exploitation, during which Gutiérrez also raised the corruption findings, according to Telemedellín. Gutiérrez then traveled to the United States, meeting Homeland Security Investigations personnel in Phoenix on the same child-exploitation cooperation before flying to Miami, where he met for more than two hours on August 31 with the FBI‘s International Anti-Corruption Unit. He handed over a file the mayor’s office says contains roughly 13,000 pieces of documentary evidence, four plea-agreement cooperators and imputation proceedings against 55 former officials, according to El Espectador. Quintero dismissed the trip on X, telling Gutiérrez to “stop being a clown” and adding that if he had “a single ill-gotten peso” in the US, “the United States wouldn’t need your theatrics to find it,” according to Infobae Colombia.

Gutiérrez said several other officials facing charges in the broader case have gone on to hold national-government posts under Petro, including Fabio Andrés García (Medellín’s former secretary general, now in a leadership role at the Superintendencia Nacional de Salud), Sergio Andrés López (Medellín’s former planning director, now an advisor at the Ministerio de Salud (Health Ministry)), Natalia Andrea Jiménez (a former subsecretary of contracting execution, now a contractor at the Cancillería (Foreign Ministry)), César Augusto Chavarría (Metroparques’ former logistics chief, now at the DIAN tax authority) and Rubén Darío López (the infrastructure secretariat’s former technical director, now a contractor at Aerocivil, Colombia’s civil aviation authority).

Where the cases stand

Two threads of the investigation are moving on parallel, and separately contested, tracks. In the Aguas Vivas case, Judge 22 of the Medellín Criminal Circuit Court nullified the formal charges against Quintero and 12 co-defendants on July 14, 2026, ruling that prosecutors had not specified clearly enough how each defendant participated in the alleged scheme. The Fiscalía and the Alcaldía de Medellín, recognized in the case as a victim, are asking that same judge to reverse herself before the matter can move to the Tribunal Superior de Medellín (Medellín Superior Court) for a final ruling. Hearings on August 6 and August 20 each ran long before prosecutors and the city’s legal representative — who cited more than 4,000 pieces of evidence and 50 witness statements — could finish arguing that the nullity was wrongly decided; the defense is now set to respond at a hearing scheduled for September 14, 2026, after which the judge will rule, according to El Colombiano and Telemedellín. The nullity is a procedural setback for prosecutors, not an acquittal or a dismissal, and the case remains open.

In the AMVA-Itagüí firefighters case, Gutiérrez said the repeated delays have gone beyond ordinary scheduling friction. After the August 25 postponement, he called it “indignante” (outrageous) and asked prosecutors to seek the defendants’ arrest rather than wait out further delays, according to Infobae Colombia. After the August 31 hearing was voided over the reassignment dispute, Gutiérrez wrote on X: “There have been three postponements. They have dragged this process out so much that we have gone to the courts to investigate what is happening — this is no longer normal.” He added that his administration, recognized as a victim in the case, would join prosecutors in asking the court to order pretrial detention for the defendants when the hearing resumes on September 10, according to Infobae Colombia.

Colombia’s National Police extradited five Colombian nationals to the United States on August 6, 2026, handing them over to US federal authorities in connection with investigations into drug trafficking, money laundering and transnational organized crime.

The five men were delivered by officers from the Dirección de Investigación Criminal e Interpol (DIJIN) and transported under security escort on a flight accompanied by the US Marshals Service. The extraditions followed requests from US courts and investigations involving alleged cocaine trafficking, financial operations and international arms networks.

“This extradition represents a decisive blow against networks involved in drug trafficking, money laundering and crimes against collective security operating in the region.” – Policía Nacional de Colombia

Alleged arms-for-cocaine network

Among those extradited was Wilmar Cortés Hurtado, who is wanted by the US District Court for the Eastern District of Virginia on drug trafficking and criminal conspiracy charges.

Wisam Nagib Kherfan Okde and Alirio Rafael Quintero Quintero were also handed over to US authorities. Colombian investigators accuse the pair of leading a criminal organization involved in money laundering and international arms trafficking.

According to the Colombian government, investigators allege that the organization used connections with members of the regime of Bashar al-Assad in Syria to divert military weapons. Those weapons were allegedly subsequently routed to structures of the Ejército de Liberación Nacional (ELN) in exchange for cocaine shipments between 2024 and 2025.

The investigation also alleges that cryptocurrency and complex financial transactions in countries such as Ghana and Morocco were used to facilitate money laundering connected to drug trafficking organizations and terrorist groups.

The allegations have not been established as findings of guilt, and the defendants will face proceedings in the United States.

Cocaine trafficking and international routes

Helmer Hurtado Hurtado, also wanted by the US District Court for the Eastern District of Virginia, was extradited on drug trafficking and criminal conspiracy charges connected to an international narcotics investigation.

Jacob Estenyer Jory Salazar was also among the five. Colombian authorities allege that he coordinated cocaine shipments destined for the United States and Mexico using multiple transportation methods, including speedboats, container vessels, semi-submersible vessels and aircraft.

Seven additional extraditions

The August 6 handover followed the extradition of seven other individuals to the United States and Panama during the previous week.

Six Colombian nationals were delivered to US authorities. They included Jheison Rodríguez López and Edilberto López Farelo, who were initially taken to the Unidad de Reacción Inmediata in Valledupar after their capture. Colombian authorities said the two attempted to escape from the facility but were immediately recaptured.

Eufrosino Ramos Díaz was captured during a raid at his residence and faces extradition proceedings in the United States on a charge involving a conspiracy to distribute at least five kilograms of cocaine.

Daniel Alfonso de la Rosa Robles and Pedro Lucas Robles Iguarán were identified by Colombian authorities as alleged members of a trafficking network that obtained narcotics from clandestine laboratories in the Catatumbo region and Alta Guajira. Investigators allege that the pair coordinated maritime shipments using speedboats to move cocaine toward Central America and the Caribbean, with the United States as the final destination.

Nilson Snyder Vásquez Duarte, known as “El Sobri,” was identified as an alleged financial operator responsible for receiving and managing large sums of money generated by drug trafficking organizations, with alleged connections to Colombian and Mexican cartels.

The seventh person extradited during the previous week was Panamanian national Jorge Antonio Zurita Julian, known as “El Gordo Pibe,” who was handed over to Panamanian authorities. He is wanted in Panama on money laundering and crimes against collective security charges related to drug trafficking. Colombian investigators allege that he used a company registered in his wife’s name to disguise illicit funds as legitimate business proceeds.

The extraditions form part of Colombia’s continuing cooperation with foreign authorities through DIJIN and Interpol. The individuals remain subject to judicial proceedings in the requesting countries, and the allegations described by Colombian authorities have not resulted in final convictions.

Headline photo: Five men being escorted to board on the plane extraditing them to the US. (Photo by the Colombian National Police)

Medellín Mayor Federico Gutiérrez is preparing to take additional information to U.S. authorities as his administration investigates whether money allegedly diverted through corruption during the city’s previous government was moved through Panama and into the United States.

Gutiérrez said he has already provided evidence to U.S. government agencies and plans to deliver more information during an upcoming visit to the United States. The mayor says the material could help authorities trace the alleged movement of funds and identify people who may have benefited.

The allegations concern the 2020-2023 administration of former Medellín Mayor Daniel Quintero. They remain allegations, with responsibility for determining criminal liability resting with Colombian and U.S. authorities.

Alleged money trail leads beyond Colombia

The latest development follows a July 27 update from the Medellín government, which said investigations into alleged corruption during the previous administration had reached 666 findings, 165 more than the 501 previously identified.

According to the city, prosecutors and other authorities have collected more than 13,000 pieces of evidence and 157 witness statements and have conducted 97 expert assessments. The cases have so far resulted in 55 people being formally charged, three arrests, one conviction and 25 asset-forfeiture measures.

Gutiérrez has now placed particular emphasis on tracing what allegedly happened to money after it left Colombia.

The mayor said there is information about alleged business partners and nominees, including people who are reportedly living in Miami. He said the evidence provided to U.S. agencies is intended to help trace a potential route from Colombia to Panama and then to the United States.

If confirmed, an international financial trail could expand the investigation beyond Medellín and require cooperation from authorities in other jurisdictions.

Investigation covers multiple public entities

The corruption investigations extend across several Medellín institutions and public contracts.

The city has cited alleged irregularities involving Afinia, EPM’s Caribbean subsidiary, the Metropolitan Area of the Aburrá Valley, Metroparques, the Institute of Sports and Recreation, Buen Comienzo and the maintenance of Parque de las Aguas, among others.

Gutiérrez’s administration says potentially directed contracting during the 2020-2023 period exceeded COP 1 trillion.

One investigation cited by the city concerns the alleged sale of the management position at Afinia. According to information presented by the administration, a witness alleged that the position was negotiated for $8 million in exchange for influence over company contracting. The case includes alleged international connections that are being examined by authorities.

Other investigations involve alleged contract steering, inflated costs and the improper use of public resources.

Quintero rejects the allegations

The accusations have also intensified the political confrontation between Gutiérrez and Quintero.

Gutiérrez has attributed the alleged corruption findings to the previous administration, while Quintero has rejected the accusations and accused his successor of using the Medellín mayor’s office to pursue political attacks.

The distinction between allegations and established judicial findings remains important as the cases continue through Colombia’s justice system.

U.S. cooperation could determine where funds went

The planned engagement with U.S. authorities could become a significant next step if investigators are able to verify the alleged international financial trail.

Gutiérrez said the information could ultimately contribute to legal proceedings against people allegedly involved in the schemes, including potential extradition requests. However, no U.S. authority has publicly established that illicit Colombian funds entered the United States based on the allegations described by the mayor.

For now, the alleged movement of corruption proceeds into the United States remains an investigative lead. The next stage will be determining whether Colombian and U.S. authorities can independently establish the origin, movement and destination of the funds.

(Headline photo: Medellin’s mayor, Federico Gutiérrez. (Photo by John Acosta via Wikimedia Commons)

Three foreign nationals wanted by authorities in the United States, Panama and the Netherlands were captured in and around Medellín within a single week in July, in operations involving Interpol Colombia and international law-enforcement agencies.

The arrests involved a Mexican citizen wanted in the United States for alleged fraud and money laundering, a Panamanian wanted by his country’s authorities over alleged drug trafficking and conspiracy offenses, and a citizen of Curaçao sought by the Netherlands in connection with alleged drug trafficking.

“International cooperation continues to demonstrate that borders are not an advantage for those seeking to evade justice.” – Manuel Villa Mejía, Secretary of Security and Coexistence of Medellín.

The Medellín government said the three cases demonstrate the role of real-time information sharing between Colombian authorities and international partners in locating pe0ople sought through Interpol Red Notices. The three individuals were detained with a view to extradition and placed at the disposal of Colombia’s Fiscalía General de la Nación while the relevant legal and diplomatic procedures proceed.

Mexican national sought by the United States

The most recent of the three cases involved Mexican citizen Bryan Gardea, who was detained at José María Córdova International Airport in Rionegro after arriving on a flight from Miami on July 15.

Gardea was the subject of an Interpol Red Notice requested by US authorities. Colombian and US authorities allege that he led a scheme that fraudulently obtained more than $1.04 million from US economic-assistance programs created during the COVID-19 pandemic.

According to reporting on the case, the alleged scheme involved the creation of fictitious companies, falsified documentation and fraudulent financial statements. The funds were allegedly diverted to personal accounts and used for private expenditures and real-estate purchases. US authorities are seeking his extradition on allegations including wire fraud, bank fraud and money laundering.

Gardea was placed under the authority of Colombia’s Fiscalía following his arrest, with extradition proceedings expected to continue through the agency’s international-affairs authorities. Colombian reporting subsequently confirmed the legality of his detention.

Panamanian national linked to alleged container trafficking network

The second case involved Ismael Abdiel González Pomares, a Panamanian citizen detained in Medellín’s Laureles neighborhood on July 21.

González Pomares was wanted by Panamanian authorities under an Interpol Red Notice for alleged offenses including drug trafficking, conspiracy and crimes against collective security. Colombian and Panamanian investigators reportedly identify him as a suspected senior figure in a transnational organization involved in moving narcotics through commercial cargo.

Authorities allege that the organization used contaminated commercial containers at the Port of Balboa in Panama to move drugs toward international markets. Reporting also says the investigation identified a sophisticated logistical structure and alleged infiltration of strategic port facilities. The operation involved cooperation between Colombian and Panamanian authorities, with support from the US Homeland Security Investigations agency.

González Pomares was placed at the disposal of Colombian authorities as the process for his eventual transfer to Panama proceeds.

Curaçao citizen wanted by the Netherlands

The third arrest involved José Manuel Rodríguez Dacova, a citizen of Curaçao wanted by authorities in the Netherlands on an alleged drug-trafficking offense.

According to Medellín authorities, Rodríguez Dacova was detained while travelling by road between Barranquilla and Medellín. His arrest was likewise carried out in response to an Interpol Red Notice and with extradition proceedings in mind.

Unlike the Gardea and González Pomares cases, publicly available reporting on Rodríguez Dacova provides fewer details about the underlying Dutch investigation. The Colombian authorities’ announcement identifies drug trafficking as the basis for the Netherlands’ extradition request.

29 Red Notice arrests recorded in 2026

The three arrests brought the number of people detained in Medellín during 2026 through Interpol Red Notices to 29, according to the city’s security authorities.

The municipality said these individuals were subsequently captured for extradition after the requesting countries formalized their respective requests. The detainees were placed at the disposal of the Fiscalía while judicial and diplomatic procedures continue.

The cases showed the distinction between an Interpol Red Notice and a conviction. A Red Notice is an international request to locate and provisionally detain a person pending extradition or a similar judicial process; it is not itself an international arrest warrant or a finding of guilt.

For Medellín, the arrests also form part of a broader effort to strengthen cooperation with foreign law-enforcement agencies as the city seeks to address criminal networks operating across national borders.

As of August 2026, no publicly confirmed development was identified that materially changes the status of the three July cases. The individuals remain subject to the respective extradition processes, with the Fiscalía responsible for Colombia’s proceedings and the requesting countries’ authorities responsible for pursuing the underlying cases.

Headline photo: A picture of one of the fugitives beside the Colombian authorities. (Photo provided by Medellín’s mayor’s office)

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)

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 agreement, initially announced on January 6, 2025, provided Scotiabank with an approximate 20% ownership stake in the newly formed holding company, Davivienda Group, in exchange for the transferred operations. The combined operations of both institutions will be managed under the Davivienda Group umbrella.

Scott Thomson, President and CEO of Scotiabank, commented that the completion of the transfer supports the bank’s International Banking strategy, citing the achievement of operational scale across its regional markets and projected improvements in profitability. Thomson also noted that the equity stake provides Scotiabank with exposure to a combined business positioned for scale, potential synergies, and an expanded client base under a single management team.

Javier Suárez, CEO of Davivienda Group, stated that the transaction integrates complementary capabilities and expertise, positioning the group to expand business development opportunities and scale operations by leveraging Scotiabank’s global experience with Davivienda’s regional expertise across Colombia and Central America.

The integration plan dictates that the former Scotiabank operations in Colombia and Costa Rica will operate under a transitional brand, DAVIbank. In Panama, the businesses will fully transition to the Davivienda brand.

Scotiabank and Davivienda are expected to collaborate to strengthen their combined global reach. This cooperation is designed to allow Davivienda to expand its international product offerings as a regional player, while enabling Scotiabank to continue supporting its Corporate, Wealth, and Global Banking and Markets clients throughout Davivienda’s operational footprint.

Financial and Regulatory Impact

Scotiabank forecasts recording an after-tax loss of approximately $300,000,000 CAD in the first quarter of 2026 within its Other segment. This loss is primarily related to the release of cumulative foreign currency translation losses, net of hedges.

For accounting purposes, Scotiabank’s investment in Davivienda will be recorded as an investment in associate. The company anticipates an approximate 10 basis points benefit to its Common Equity Tier 1 (CET1) ratio for Q1 2026, primarily resulting from the reduction in risk-weighted assets net of the Davivienda investment.

The approvals were received from the financial regulatory bodies in the respective jurisdictions, including the Superintendencia Financiera de Colombia (Superfinanciera), the Superintendencia General de Entidades Financieras (SUGEF) of Costa Rica, and the Superintendencia de Bancos de Panamá (SBP). Following the closure of the transaction, the combined operations of both institutions will function under a new holding company, Davivienda Group (BVC: PFDAVIGRP).

The transfer formalizes an agreement initially disclosed by Scotiabank on January 6, 2025. Under the terms, Scotiabank transfers its banking operations in the three Central and South American nations in exchange for an approximate 20% ownership stake in the resulting Davivienda Group on a pro forma basis.

Following the closure of the transaction, the combined operations of both institutions will function under a new holding company, Davivienda Group (BVC: PFDAVIGRP).

The consolidation is structured to achieve greater operational scale for Davivienda across all three markets. Furthermore, as part of the transaction, Mercantil Colpatria is scheduled to sell its residual interest in Scotiabank Colpatria, its joint venture with Scotiabank in Colombia.

For Scotiabank, the divestiture aligns with its five-year strategy focused on enhancing profitability across its international banking portfolio by streamlining operations in non-core markets. The company stated the transaction reduces operational complexity and helps strengthen its capital focus on its primary growth corridor across North America and select Latin American markets. The sale is considered capital neutral overall, with the potential to contribute to future earnings.

The agreement also stipulates that Scotiabank will receive a combination of newly issued common and preferred shares in the new entity, commensurate with its ownership stake. Scotiabank will also retain the right to designate individual(s) to serve on the Board of Directors of the Davivienda Group’s combined operations.

The two institutions intend to establish a mutual referral agreement to ensure Scotiabank can maintain support for its Corporate, Wealth, and Global Banking and Markets clients across the expanded Davivienda service footprint.

Financial Impact and Accounting

The initial announcement in January 2025 indicated that Scotiabank’s operations subject to the transfer would be classified as assets held for sale for accounting purposes. This classification necessitated the recognition of an after-tax impairment loss of approximately $1.4 billion CAD in the first quarter of 2025. The impairment was projected to reduce Scotiabank’s Common Equity Tier 1 (CET1) ratio by an estimated 10 to 15 basis points.

The company further disclosed that an estimated $300 million CAD in additional losses will be recorded upon closing, primarily related to cumulative foreign currency translation losses.

Upon the transaction’s completion, Scotiabank’s 20% equity stake in Davivienda Group will be recorded as an investment in associate. The reduction in risk-weighted assets from the transfer is expected to result in a commensurate benefit to the CET1 ratio, estimated at approximately 10 to 15 basis points.

Davivienda Group, which originated as Corporación de Ahorro y Vivienda in Colombia in 1972, is a regional banking entity serving roughly 25.6 million customers through a network that includes 653 branches and more 2,807 ATMs, with established operations in Colombia, Costa Rica, El Salvador, Honduras, Panama, and the US. The institutions have stated they will collaborate to facilitate a smooth transition for clients and employees in Colombia, Costa Rica, and Panama.

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)