As Abelardo de la Espriella took the oath of office as Colombia’s president on August 7, the US Department of State announced that Washington intends to provide $1 billion USD in security assistance to his new government, capping a stunning reversal in a bilateral relationship that a year earlier had produced sanctions against a sitting Colombian president, a revoked visa, and a call from the presidential palace for American soldiers to disobey their commander-in-chief.

A US Presidential Delegation led by Acting Attorney General Todd Blanche represented the United States at de la Espriella’s August 7 inauguration in Cali, a city in Colombia’s conflict-scarred southwest that hosted the ceremony instead of the traditional venue in Bogotá. In a statement titled “A New Era in U.S.-Colombia Relations,” the State Department said the delegation “demonstrates US commitment to reinvigorating the US-Colombia relationship and deepening of our shared security and economic partnership,” and that the $1 billion package is intended “as a cornerstone of this renewed partnership.”

A delegation built around security and counternarcotics

Secretary of State Marco Rubio did not travel to Cali, but the delegation Washington sent was heavy with counternarcotics and security officials, according to ColombiaOne and Local 10 News. Alongside Blanche, the group included Drug Enforcement Administration (DEA) Administrator Terry Cole; US Representative Mario Diaz-Balart of Florida; Sara Carter, director of the Office of National Drug Control Policy; Hugo Guevara of the US Embassy in Bogotá; Cliff Sims, national security adviser to Vice President JD Vance; Viviana Bovo of the State Department’s Bureau of Western Hemisphere Affairs; Joseph M. Humire, deputy assistant secretary of war for Americas security affairs; and Chris Jarvis of Joint Task Force Vulcan, which targets transnational criminal organizations.

“Yesterday was the start of a new friendship and partnership working as a team in the fight against drug trafficking and furthering our relationship in countering threats to our national security and public safety,” Blanche wrote in a statement carried by Local 10 News.

Cole struck a similarly pointed tone. “DEA is ready to stand shoulder to shoulder with Colombia again,” he said in a statement cited by Local 10 News. “We will hunt down those who profit from cocaine, corruption, violence, and terror. There will be no safe haven, no protected trafficking route, and no immunity for those who poison our communities.”

The turnaround stands in sharp contrast to where the relationship stood barely 10 months earlier. On October 24, 2025, the US Treasury’s Office of Foreign Assets Control (OFAC) added outgoing President Gustavo Petro to its Specially Designated Nationals and Blocked Persons List — known in Colombia as the Lista Clinton (Clinton List), after the 1995 executive order that created it — under Executive Order 14059, which targets foreign persons involved in the global illicit drug trade. OFAC simultaneously designated Petro’s wife, Verónica Alcocer; his son, Nicolás Petro; and his interior minister, Armando Benedetti, according to a Federal Register notice of the action and Finance Colombia’s own reporting at the time. It marked the first time OFAC had designated a sitting, democratically elected head of state of a country long considered a close US ally.

The sanctions followed a September 15, 2025, presidential determination naming Colombia a “major drug transit country or major illicit drug producing country” that had “failed demonstrably” to meet its counternarcotics obligations — the first time Colombia had been placed on that list in more than 25 years.

Relations deteriorated further that same September, when Petro, addressing a pro-Palestinian rally near the United Nations General Assembly in New York, told a crowd: “I ask all the soldiers of the United States’ army, don’t point your rifles against humanity,” and urged them to “disobey the orders of Trump.” The State Department revoked his visa within hours, saying on social media that Petro had “urged US soldiers to disobey orders and incite violence,” according to CBS News. Petro dismissed the punishment, writing on social media that “international law grants me immunity to go to the UN and that there should be no reprisals for my free opinion, because I am a free person,” and noting that as a dual Colombian-European citizen he did not need a US visa, according to Al Jazeera.

Tensions eased only gradually. Petro traveled to Washington for a meeting with President Trump on February 2, 2026, in what CNN described at the time as a shift “from clash to dialogue” after a year of confrontation. Petro remained on the SDN list, and was still lobbying for his own removal from it as late as early July 2026, when he asked Trump by phone to lift the designation on him and his family — a request Trump said he would look into, according to ColombiaOne.

An election fought over the US relationship

De la Espriella, a 48-year-old lawyer and political outsider known to supporters as “El Tigre,” defeated Historic Pact candidate Iván Cepeda in a June 21 runoff, a race Trump endorsed publicly. Petro initially alleged the vote had been manipulated, a claim dismissed by international observers and Colombia’s electoral authorities before he conceded, according to Al Jazeera. The run-up to the inauguration was marked by violence, including a truck bombing near a police station in Cúcuta on August 1 that wounded eight police officers and three civilians, six days before de la Espriella took office, according to Al Jazeera. No group claimed responsibility; dissident factions of the demobilized FARC, the National Liberation Army (ELN), and the Clan del Golfo criminal group are all active in the border region. Security was tightened further ahead of the ceremony itself, held under armored vehicles, soldiers, and vehicle checkpoints in Cali, according to Al Jazeera.

At his swearing-in, de la Espriella broke with Petro’s negotiated-peace strategy toward armed groups, declaring that “the option of dialogue is completely exhausted” and pledging to “relentlessly defeat narco-terrorism.” He also committed Colombia to joining the Shield of the Americas, the US-backed regional counter-cartel coalition that grew out of a March 2026 summit hosted by the Trump administration, and pledged to strengthen state-run Ecopetrol (NYSE: EC) and pursue “responsible and sustainable fracking” to shore up the country’s oil and gas reserves.

Security package now, economic dialogue to follow

Under the State Department’s framework, the $1 billion package — which still requires action by the US Congress — is aimed at strengthening Colombia’s security forces against Foreign Terrorist Organizations and Transnational Criminal Organizations, expanding coca eradication and cocaine interdiction, freezing and prosecuting the finances behind armed groups, tightening border-security coordination, and rebuilding state presence in territory once controlled by armed groups.

The State Department said the two governments will also launch a Bilateral Prosperity Dialogue aimed at stabilizing Colombia’s economy, strengthening its energy sector, and exploring critical mineral investment, alongside efforts to connect Colombian small and medium enterprises in agribusiness, manufacturing, and tech services to US buyers and supply chains. Washington also committed to contributing to relief funds for potential El Niño-related flooding and drought, to modernizing Colombia’s digital, port, and energy infrastructure, and to advancing bilateral cooperation on civil nuclear energy.

Congressional approval of the $1 billion security package remains the first test of whether Friday’s pledges translate into disbursed assistance — and of how durable the “new era” proves once the inauguration goodwill fades.

Colombia recorded more than 24 million non-resident visitors during the current presidential term and generated close to $34.43 billion USD in foreign exchange from travel through December 2025, figures released by the Ministry of Commerce, Industry and Tourism (Ministerio de Comercio, Industria y Turismo, or MinCIT) show. The ministry says tourism has become one of the country’s largest sources of foreign exchange, surpassing traditional export sectors such as coal and coffee.

“Today, Colombia demonstrates that it can also generate wealth from its biodiversity, its cultural heritage, the quality of its services and the talent of its people.” -Diana Marcela Morales, Former Minister of Commerce, Industry and Tourism

The figures were presented during the Foro Internacional de Turismo: Colombia, un destino por explorar (International Tourism Forum: Colombia, a Destination to Explore), held in Bogotá on July 15. The event brought together tourism associations, business leaders, academics and government officials to discuss the sector’s performance and future, including regenerative tourism, artificial intelligence, smart mobility and innovation in visitor experiences.

Promoted under the campaign Descubre la Diversidad de Colombia, El País de la Belleza (Discover the Diversity of Colombia, the Country of Beauty), the ministry reported that more than 24 million non-resident visitors arrived during the administration of President Gustavo Petro, representing a 109% increase compared with the previous equivalent period. Of those arrivals, 14.8 million were foreign visitors.

According to the Banco de la República, Colombia’s central bank, tourism generated approximately $34.43 billion USD in foreign exchange through December 2025, exceeding revenue from coal and coffee exports. Tourism has also become the country’s largest services export, with 57% of services export earnings coming from the sector.

“For decades, much of the country’s capacity to generate foreign exchange was tied to the export of raw materials,” Former Minister of Commerce, Industry and Tourism Diana Marcela Morales said. “Today, Colombia demonstrates that it can also generate wealth from its biodiversity, its cultural heritage, the quality of its services, the talent of its people and the confidence that millions of people place in choosing the country as a destination. Tourism expresses, perhaps like few other sectors, that transition toward a more diversified economy with greater added value.”

Employment has also expanded alongside visitor growth. Figures from DANE (Departamento Administrativo Nacional de Estadística, Colombia’s National Administrative Department of Statistics) show that accommodation and food service activities supported approximately 1.8 million jobs in February 2026, a 15% increase compared with the same period in 2019. During 2025, the sector accounted for 4.4% of Colombia’s national value added.

International demand has continued to grow during 2026. In the first quarter, more than 368,000 international airline tickets were sold with Colombia as the destination, representing a 16.7% increase over the previous year. The largest source markets were the United States, Brazil and Mexico.

During the first two months of 2026, approximately 10 million passengers traveled through Colombia’s airports, an 8% increase across domestic and international traffic. Between January and March, the country received 1.58 million non-resident visitors.

The government has also expanded tourism investment beyond major destinations. MinCIT reported that infrastructure projects—including trails, docks, boardwalks and gastronomic plazas—have reached 699 municipalities, representing 63% of Colombia’s territory. According to the ministry, 207 municipalities received tourism investment for the first time.

The ministry also said tourism initiatives now cover all 140 municipalities included in Colombia’s Programas de Desarrollo con Enfoque Territorial (Development Programs with a Territorial Focus, or PDET), a post-conflict development framework for areas historically affected by armed conflict. Through its Turismo para una Cultura de Paz (Tourism for a Culture of Peace) strategy, more than 999 businesses have joined the Colombia Destinos de Paz (Colombia Peace Destinations) certification.

“Unlike other economic activities, whose benefits tend to concentrate in specific production centers, tourism generates value precisely where a country’s natural, cultural and historical heritage is located,” Morales said. “It is a bridge that connects different cultures and brings opportunities to intermediate municipalities, strengthens rural economies, energizes small businesses and creates incentives to conserve what makes each territory unique.”

Headline Photo: Beachside in Barú, Colombia (photo by Loren Moss)

Avianca, part of Grupo Abra, has begun operating direct flights from Barranquilla and Cali to Fort Lauderdale, adding two nonstop connections between Colombia and the United States.

The new routes connect Colombia’s Caribbean region and the department of Valle del Cauca with South Florida, one of the most important destinations for Colombian travelers for tourism, business, investment, and family connections.

“With these routes we not only offer direct and convenient options to the United States, but we also give our customers access to a global network of more than 80 destinations in the Americas and Europe.”
— David Alemán, Avianca’s director of sales for Colombia and South America

The flights are operated with Airbus A320-family aircraft configured for 180 passengers per flight. Operating daily, the two routes add more than 5,000 seats per week between Colombia and Fort Lauderdale.

The service began on July 15, 2026, with three of the four flight segments launching that day and the Cali–Fort Lauderdale return service beginning on July 16.

The new schedules are:

All times correspond to local time at each airport.

The routes operate through Fort Lauderdale-Hollywood International Airport and provide passengers with onward access through Avianca’s network of more than 80 destinations across the Americas and Europe.

Avianca said the expansion reflects its continued effort to strengthen international connectivity from Colombia’s regions. The airline currently operates more than 400 weekly flights to and from the United States, connecting 14 cities in Latin America with its broader network.

The carrier has previously expanded and reactivated routes between Colombia and major US destinations including New York, Miami, and Orlando.

Tickets for the new Barranquilla and Cali routes are available through Avianca’s website, mobile application, contact center, physical sales points, and travel agencies across Colombia.

Avianca and Grupo Abra expand regional network

A member of Star Alliance and part of Grupo Abra, Avianca operates a network that includes passenger, loyalty, and cargo businesses.

The airline group includes Aerovías del Continente Americano S.A., Taca International Airlines, Avianca Costa Rica, Avianca Ecuador, Aviateca, Regional Express Américas, Lifemiles, and Avianca Cargo.

With more than a century of operations in Colombia, Avianca operates more than 155 routes and more than 700 daily flights with a fleet of Airbus A320-family aircraft and Boeing 787 Dreamliners.

In 2025, the airline carried nearly 37 million passengers across more than 262,000 flights. Its Lifemiles loyalty program has more than 15 million members, while Avianca Cargo serves more than 350 destinations through cargo flights, passenger aircraft capacity, and interline agreements.

Grupo Abra brings together Avianca and Brazilian airline GOL under a broader Latin American aviation platform. The group also includes strategic investments involving Wamos Air and Sky Airline.

The company said the platform has approximately 30,000 employees and a fleet of more than 300 aircraft serving more than 25 countries and over 145 destinations.

Above image: Barranquilla skyline.

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

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

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

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

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

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

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

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

The Registraduría Nacional del Estado Civil of Colombia (RNEC), the entity responsible for organizing elections in the country, reported that a total of 14 candidates have officially registered to run in the country’s presidential elections, scheduled for May 31, 2026. In this vote, citizens will elect the President and Vice President of the Republic for the 2026–2030 term.

According to the electoral authority, the candidates represent a wide range of political perspectives, from left to right, including independent candidacies running through political movements. Here the list and brief profile of the candidates:

1. Clara Eugenia López Obregón, currently a senator for the Esperanza Democrática She has served as Minister of Labor (2016–2017), acting mayor of Bogotá (2011–2012), and Bogotá’s secretary of government (2008–2010). She has been affiliated with left-wing parties and was Gustavo Petro’s vice presidential running mate in the 2010 election.
2. Óscar Mauricio Lizcano, from the FAMILIA coalition. He served as Minister of Information Technologies (2023–2025), was a senator (2010–2018), and a member of the House of Representatives (2006–2010).
3. Raúl Santiago Botero, candidate of the “Romper el Sistema” movement (Break the Establishment). An agronomist engineer and businessman from Medellín, he presents himself as an independent candidate with no prior political experience.
4. Miguel Uribe Londoño, father of the slain presidential candidate Miguel Uribe Turbay. He is running under the Colombian Democratic Party and previously served as president of the Centro Democrático party founded by Álvaro Uribe Vélez.
5. Sondra Macollins Garvin, from the movement “La Abogada de Hierro” (The Iron Lawyer) A criminal lawyer and psychologist, she presents herself as an independent candidate without political affiliations. She ran for the House of Representatives in 2022 and is known for her work in narcotrafficking and corruption cases.
6. Iván Cepeda Castro, a senator since 2014 and the official candidate of the Pacto Histórico, the same party as President Gustavo Petro. Polls project he will receive the highest vote share in the first election round. He is aligned with left-wing political ideas.
7. Abelardo de la Espriella, a lawyer with far-right positions, running for the first time under the Defensores de la Patria movement. Recent polls place him as a likely second or third contender in voter preference.
8. Claudia López Hernández, former mayor of Bogotá (2020–2023) and former senator (2014–2018), running under the centrist movement “Imparables con Claudia.” She is known for her anti-corruption agenda and secured her candidacy with more than 570,000 votes (about 9%) in recent interparty primaries.
9. Paloma Valencia Laserna, current senator and candidate of the Centro Democrático party led by Álvaro Uribe Vélez. She won the right-wing interparty primary on March 8 with more than 3 million votes. Polls place her among the top three contenders, and if she reaches a runoff, she would become the first woman in Colombia’s history to do so.

• Sergio Fajardo Valderrama, an academic and mathematician running for the Dignidad y Compromiso He served as mayor of Medellín and governor of Antioquia and is running for president for the third time.
• Roy Barreras, from the political party La Fuerza (The Force). He won the left-wing coalition primary on March 8 with the lowest vote total (257,000 votes, about 3.6%). Although currently aligned with left-wing movements and part of the Petro administration, he has previously been affiliated with right- and center-leaning parties.
• Gustavo Matamoros Camacho, of the Colombian Ecologist Party. He served in the Colombian Army for 43 years. With no prior political experience, his campaign focuses on public security.
• Luis Gilberto Murillo, who served as Minister of Foreign Affairs (2024–2025) and Colombia’s ambassador to the United States (2022–2024). A human rights advocate and Afro-Colombian leader from Chocó, he presents himself as an independent, moderate, centrist candidate.
• Carlos Eduardo Caicedo, running under the independent movement “Con Caicedo.” He was mayor of Santa Marta (2012–2015) and governor of Magdalena (2020–2023), where he built a strong base as a left-wing political leader.

The RNEC also reported that “the draw to determine the position of presidential candidates on the ballot will take place on March 25 at the Ágora Bogotá Convention Center.”

This process marks the formal start of the final phase of the presidential campaign, during which candidates will seek to consolidate support ahead of the first round on May 31. If no candidate secures an absolute majority, a runoff between the two leading candidates will be held on June 21.

List of registered candidates for Colombia’s presidency. Photo courtesy of the Registraduría Nacional del Estado Civil.

Headline photo: Polling station in Colombia during last Congress elections in March 8, 2026. Photo courtesy of the Registraduría Nacional del Estado Civil.

Tecnoglass Inc. (NYSE: TGLS), a manufacturer of architectural glass, windows, and aluminum products for the global residential and commercial construction industries, has announced its financial results for the fourth quarter and full year ended December 31, 2025. The company reported record full year revenues of $983.6 million USD, representing a 10.5% increase compared to the previous year. This growth was attributed to market share gains, geographical expansion within the US, and increased demand for vinyl products.

For the full year 2025, the company reported net income of $159.6 million USD, or $3.42 USD per diluted share. On an adjusted basis, net income reached $167.0 million USD, or $3.58 USD per diluted share. Adjusted EBITDA for the year was $291.3 million USD, accounting for 29.6% of total revenues. The company ended the year with a record backlog of $1.3 billion USD, a 16.1% year-over-year increase, reflecting sustained demand for its vertically integrated product offerings.

Dividend Announcement

On March 18, 2026, the Board of Directors of Tecnoglass Inc. (NYSE: TGLS) declared a quarterly cash dividend of $0.15 USD per share for the first quarter of 2026. This distribution, equivalent to an annualized rate of $0.60 USD per share, will be paid on April 30, 2026, to shareholders of record as of the close of business on March 31, 2026.

In a strategic move to align its corporate structure with its primary market, the board of directors has approved a plan to redomicile Tecnoglass from the Cayman Islands to the United States. The redomiciliation is subject to shareholder approval and is intended to broaden the company’s appeal to a wider range of institutional investors. Additionally, management confirmed that a feasibility study is currently underway for a potential US-based production facility to complement its existing 5.8 million square foot manufacturing complex in Barranquilla, Colombia.

“Our geographical expansion, vinyl window offering, and market share gains continue to drive growth in our business.” — Christian Daes, Chief Operating Officer of Tecnoglass Inc.

The company also highlighted its capital allocation strategy, which included the repurchase of $118.0 million USD in shares during 2025. The Board has recently approved a $100 million USD increase to the existing share repurchase program, bringing the total authorization to $250 million USD. As of the end of February 2026, approximately $110 million USD remains available under this program. Tecnoglass maintained a strong balance sheet with net leverage of 0.24x and total liquidity of approximately $465 million USD at year end.

Operational highlights for the fourth quarter included revenues of $245.3 million USD and Adjusted EBITDA of $62.2 million USD. Residential revenue for the full year reached a record $403.4 million USD. The company noted that its acquisition of Continental Glass Systems assets in early 2025 contributed to the growth in multi-family and commercial segments. Detailed financial filings regarding these results have been submitted to the Securities and Exchange Commission and are available via the New York Stock Exchange.

Looking forward to 2026, Tecnoglass introduced full year revenue guidance in the range of $1.06 billion USD to $1.13 billion USD. This outlook assumes continued organic growth and the benefits of recent investments in vinyl production capacity.

Above photo: Tecnoglass at the New York Stock Exchange (photo © Loren Moss)

The authorization by APHIS follows technical and commercial discussions between US and Colombian regulatory bodies. Minister Morales Rojas stated that the outcome enables the poultry industry to expand its presence in international markets and integrate into higher-standard value chains.

The regulatory modification is the result of collaboration between the Government of Colombia, the Instituto Colombiano Agropecuario (ICA), the Ministry of Commerce, Industry and Tourism, the Embassy of Colombia in the United States, and the Federación Nacional de Avicultores (Fenavi), the trade association representing the poultry sector.

Six US facilities have been designated to receive the Colombian shell eggs for processing. These plants are situated in the states of New York, Pennsylvania, New Jersey, Arkansas, and Georgia. The direct entry authorization for industrial use simplifies the logistics and required sanitary compliance for the export of the product.

Above photo: Colombia’s Minister of Commerce, Industry and Trade, Diana Marcela Morales (courtesy MinCIT)

Investment capital was primarily concentrated in the technology, creative industries, infrastructure, and commerce sectors. Major sources of this investment included the United States, Colombia, Brazil, and France. To promote further capital attraction, ACI Medellín hosted two investment rounds: one focused on traditional sectors such as agribusiness, energy, health, infrastructure, and technology; and a second round concentrated on the audiovisual sector, executed in partnership with the Film Commission of the Medellín City Hall. These efforts were supported by collaborations with the Mesa de Inversión de Antioquia and the Medellín Chamber of Commerce for Antioquia.

Several companies announced new investments or reinvestments in the city, including Renault Sofasa, TaskUs (NASDAQ: TASK), iQor, Accenture (NYSE: ACN), Poma, Rivana Business Park, Softserve, and DHL (XETRA: DPW).

Medellín went from $3 million USD in international cooperation in 2024 to a projected $8 million USD  with projects in the process of closure before the end of the year.

Cooperation Funding and Global Network Engagement

The city also reported a projected increase in international cooperation funds, with management expecting to close 2025 with nearly $8 million USD in projects, up from $3 million USD managed in 2024. This growth was partially driven by alliances with philanthropic organizations.

ACI Medellín collaborated with several key foundations to support social and environmental initiatives outlined in the city’s Development Plan. Noteworthy projects include a partnership with The Carter Center, which provided $50,000 USD and technical assistance to the Secretary of Women’s “Informando a las Mujeres, Transformando Vidas” project, aimed at strengthening gender-focused communication strategies for women caregivers. Other philanthropic entities involved in supporting various projects include Bloomberg Philanthropies, the Hilton Foundation, and Sparkassen Stiftung from Germany.

Medellín maintained its engagement in global city networks to advance sustainable development objectives. From 2024 to 2025, the city participated actively in platforms such as C40 Cities Climate Leadership Group, Mercociudades, CIDEU, and Metropolis. This participation led to the receipt of cooperation grants, training scholarships for municipal staff, and technical assistance for specific projects, such as Primavera Norte, which received support through the C40 and GIZ networks. As a member of the C40 Steering Committee, Mayor Federico Gutiérrez participated in global network activities, during which projects like the Corredores Verdes program, which the city credits with contributing to a 2 °C reduction in urban temperature, were presented.

Medellín Mayor Federico Gutierrez (photo courtesy of the mayor’s office)

Recognition and Diaspora Strategy

In recognition of its social policies, the city’s School Feeding Program (Comedores Escolares) received the Milan Urban Food Policy Pact award in the Social and Economic Equity category. Medellín was one of six cities selected from 173 applicants globally, and the award included a financial contribution of €20,000 EUR. The award recognized the program’s integrated strategy, which focuses on providing nutritional food for children, strengthening food security, and supporting purchases from local producers.

Additionally, the Sos Paisa Network was relaunched in 2025. The initiative focuses on connecting the Antioquian diaspora with opportunities in Medellín, specifically aligning their knowledge with local Science, Technology, and Innovation (CTI) projects. This renewal effort aims to leverage the global scientific and academic diaspora for local development.

According to Cristina Zambrano, Executive Director of ACI Medellín, the figures confirm a growing international engagement. The executive noted that from 2008 through 2025, the agency has managed $4.084 billion USD in foreign direct investment, generating an estimated 44,000 jobs in the Aburrá Valley, in addition to $134 million USD in international cooperation.

The company announced a 36% increase in its quarterly dividend, raising it to $0.15 per share, and simultaneously expanded its share repurchase program to $100 million.

The expansion in revenue was multifaceted, demonstrating strength in both the residential and commercial sectors. The single-family residential segment experienced the most substantial acceleration, delivering a 25% year-over-year revenue jump. Concurrently, the multi-family and commercial revenues contributed a solid 4.6% increase to the top line.

This strong growth translated directly to enhanced profitability. The company’s gross margin expanded to 45.8%, up from 43% a year earlier. This margin expansion, considered a key indicator of operating efficiency, is a direct result of Tecnoglass’ vertically integrated structure, which allows it to control the production lifecycle, minimize input costs, and rapidly adjust to shifts in market dynamics. The firm’s ability to drive efficiency was further evidenced by the substantial increase in its adjusted EBITDA, which rose to $81.4 million, representing 34.2% of total revenue. This figure was also bolstered by a $2.1 million contribution from the company’s joint venture with Saint-Gobain (SGO on Euronext Paris, GOB on SIX Swiss Exchange). Net income for the quarter reached $49.5 million, translating to $1.05 per diluted share.

Operational Efficiency and Backlog Strength

Chief Executive Officer José Manuel Daes attributed the strong financial metrics to the firm’s strategic focus on cost management and operational agility. “Our ability to control costs and adapt swiftly… drove strong gross profit and Adjusted EBITDA growth this quarter,” Daes stated, citing ongoing automation and manufacturing upgrades as central to Tecnoglass’ capacity to meet escalating demand from the construction industry.

Chief Operating Officer Christian Daes highlighted the structural advantages driving long-term confidence. He noted that the company’s vertically integrated platform is fundamental to ensuring high quality, leveraging operating efficiencies, and enabling quick adaptation to customer needs. This foundation has enabled Tecnoglass to build a massive commercial buffer: a $1.04 billion order backlog. This marks the 30th consecutive quarter of backlog growth, which management sees as a solid basis for its confidence in sustained demand.

Capital Strategy Reinforces Shareholder Value

Following a comprehensive review of strategic alternatives, Tecnoglass’ Board of Directors reaffirmed its commitment to a long-term growth strategy centered on organic market expansion and maximizing cash flow generation. This strategic dedication to profitable growth was immediately followed by a tangible commitment to shareholder returns. The company announced a 36% increase in its quarterly dividend, raising it to $0.15 per share, and simultaneously expanded its share repurchase program to $100 million. The board cited the company’s vertically integrated model, its advantageous geographic location, and its robust cash flow generation as the primary drivers underpinning this commitment to distributing value.

The quarter demonstrated significant financial health, with Tecnoglass reporting strong cash flow of $41.5 million. This robust liquidity allowed the company to execute a $17.5 million loan prepayment, while still maintaining approximately $290 million in total liquidity. The result is a fortified balance sheet and a record low net leverage ratio of 0.01x, giving the company substantial financial flexibility moving forward.

Revised Outlook Points to Continued Outperformance

Based on its third-quarter performance and sustained market momentum, Tecnoglass revised its full-year 2024 guidance. The company now projects annual revenues to be between $880 million and $900 million, alongside an Adjusted EBITDA forecast of $270 million to $280 million.

Chief Financial Officer Santiago Giraldo emphasized management’s confidence in continued market share gains, driven by a strategy focused on geographic expansion, increased production capacity for vinyl windows, and the inherent resilience of its operations. Moving forward, Tecnoglass aims to sustain its above-market growth rates and robust margins by capitalizing on favorable demographic trends, opening new showrooms, and increasing focus across its key residential and commercial markets. The combination of a strong balance sheet and an extensive backlog positions Tecnoglass to maintain its status as a market outperformer.

Above photo: The Wynn Miami is clad in glass from Tecnoglass. Photo credit: Tecnoglass.