General News

Fitch Awards Highest ‘AAA’ Debt Rating for Medellin’s ‘Metro’ Transit System

Medellin Herald July 10, 2018

Medellin’s “Metro” public transit agency announced July 9 that Wall Street bond rater Fitch just upgraded Metro’s long-term debt rating to “AAA (col)” from “AA + (col)” while the short-term rating remains at a relatively strong “F1 + (col).” “In both cases, these are the highest ratings that

Colombian economy

Foreign Direct Investment in Colombia Grows Despite FDI Decline in LatAm

Medellin Herald July 9, 2018

A new report from the United Nations Economic Commission for Latin America and the Caribbean (CEPAL) finds that foreign direct investment (FDI) in Colombia grew by a relatively modest 0.5% year-on-year in 2017, whereas FDI in Latin America actually fell 3.6% region-wide. According to the report

Companies

XM Debuts High-Tech National Electric Grid Control Center in Medellin

Medellin Herald July 5, 2018

Medellin-based national electric-power grid operator and wholesale trading center XM announced July 5 the debut of an ultra-high-tech control center that will help maintain and improve power reliability and rationality for all Colombia. According to XM, the new control center is “the most modern of [all] America, with technological platforms of latest generation, ensuring

Schools

World Bank, FDN Team-up in Finance for Medellin Public-School Expansions

Medellin Herald June 29, 2018

The World Bank’s International Finance Corporation (IFC) and Colombia’s Financiera de Desarrollo Nacional (FDN) development agency jointly announced January 29 a COP$209 billion (US$74 million) investment in building new schools in Medellin. The private-sector winners of concession bids to build and maintain the new buildings will enter into “public-private association”

Culture

Update: Medellin’s ‘Expoartesano’ Breaks All Records; ‘Colombia Canta’ Show Coming Next

Medellin Herald June 29, 2018

Medellin’s Plaza Mayor convention center today announced that the ninth annual “Expoartesano” show (June 29 through July 8) broke all sales and attendance records, an encouraging signal for growth in demand for native crafts and goods. During the 10-day event, “Expoartesano” drew 39,879 visitors, who spent a total of COP$4.08 billion (US$1.4 million) at the

General News

‘Mar 1’ Highway Linking Medellin to Atlantic, Pacific Ports Nears Financial Close

Medellin Herald June 28, 2018

Colombia’s national development agency (Financiera de Desarrollo Nacional, FDN) announced June 27 that it approved another COP$600 billion (US$204 million) in debt finance for the crucial “Mar 1” highway project linking Medellin to current and future Atlantic ports in Antioquia and indirectly to the Pacific port of Buenaventura. The latest debt approval means that

Companies

Cemex Colombia Loses Appeal on Price-Fixing; Former Execs Charged in Maceo Plant Scandal

Medellin Herald June 28, 2018

Cemex Colombia – a subsidiary of Mexican multinational cement producer Cemex Inc. and Cemex LatAm Holdings – announced June 22 that it failed in its final appeal over a cement price-fixing charge brought by Colombia’s Superintendencia de Industria y Comercio (SIC). The company will pay a COP$923 million (US$316,476) fine as a result of the […]

Events

Medellin’s Annual Orchid and Flower Show Draws 120,000 Visitors

Medellin Herald June 22, 2018

The 23rd annual “Orquideas, Pajaros y Flores” (orchids, birds and flowers) show in Medellin’s Botanical Garden this year not only drew huge crowds (estimated at 120,000 visitors) but also a cavalcade of orchid collectors and photographers. For this year’s show (August 5 through 9), Medellin Herald brought the husband-and-wife photo-journalism team of John

Companies

Netherlands-Based E-Commerce Consultant ‘Sana’ Opens LatAm Regional Office in Medellin

Medellin Herald June 21, 2018

Medellin’s business promotion agency ACI (Agencia de Cooperacion e Inversion de Medellin y el Area Metropolitana) and Netherlands-based Sana Commerce jointly announced June 21 the launch of Sana’s e-commerce consulting business at the high-tech “Ruta N” business center here. Attending the launch was Netherlands Ambassador to Colombia JJ Roodenburg as well as Sana Commerce

General News

Update: Hidroituango Crisis Likely Over by October 2018, Completion in 2021, If Challenges Overcome

Medellin Herald June 19, 2018

In a June 20 press conference, Medellin-based multinational electric power giant EPM announced that it now foresees the likelihood of overcoming the current engineering crisis at its US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric project in Antioquia by around October 2018. What’s more, EPM revealed in a separate filing June 18 that Hidroituango construction