General News

Foreign Direct Investment in Medellin Tops US$253 Million in 2018

Medellin Herald December 21, 2018

Medellin’s investment promotion agency ACI — Agencia de Cooperacion e Inversion de Medellin y el Area Metropolitana — reported December 21 that foreign direct investment (FDI) in Medellin so far this year has topped US$253 million, or US$11 million over ACI’s initial forecast

Taxes

Colombian Congress Approves 2019 Tax Law

Medellin Herald December 20, 2018

Colombia President Ivan Duque and Minister of Finance Alberto Carrasquilla on December 19 both hailed final votes in the Colombian House and Senate to approve a revised tax package for 2019. “The approved bill retains the initial spirit of protecting the most vulnerable population of the country and strengthening the collection through the taxation of […]

Companies

ISA, Construcciones El Condor Ink Highway Concessions Alliance Deal; Conconcreto Wins New Financing Package

Medellin Herald December 20, 2018

Medellin-based international electric-power transmission and highway concessions giant ISA announced December 19 an “alliance” deal with Medellin-based construction giant Construcciones El Condor for highway deals in Colombia and Peru. According to the new partners, ISA will have a controlling 51% stake in the alliance. “ISA is taking quick steps to materialize the ‘ISA

General News

Medellin’s Plaza Mayor Convention Center: Big Growth Continues

Medellin Herald December 19, 2018

The Plaza Mayor convention center — owned by the city of Medellin — reported this month that total events rose to 734 in 2018, up from 539 in 2017 and 480 in 2016. Of that total, 38 events were international (up from 29 in 2017), 68 were national and 628 local, according to conventional center […]

Profiles

Venezuela Crisis Brings Both Tragedy & Triumph to Medellin: Rui Pereira’s Story

Medellin Herald December 15, 2018

The ever-worsening economic and social crisis in Venezuela — caused by the criminal narco-communist Castro-Chavista dictatorship — is now likely to trigger out-migration of about 25% of the entire population, according to a shocking new study by Washington, DC-based Brookings Institution. The new study — revealed by Brookings researcher Dany Bahar in a

Companies

Cooperativa Financiera de Antioquia Wins AA Debt Risk-Rating

Medellin Herald December 12, 2018

Medellin-based credit union Cooperativa Financiera de Antioquia (CFA) revealed this month in a filing with Colombia’s Superfinanciera regulatory agency that it won a favorable AA rating for long-term debt from Bogota-based debt rater Value & Risk Rating (VRR). CFA also won a favorable “VrR1” rating from VRR for short-term debt risk, according to the filing. […]

General News

Medellin City Council OKs COP$5.3 Trillion 2019 Budget; Electric-Bus Fleet to Expand

Medellin Herald November 27, 2018

The Medellin City Council on November 26 voted 19-2 to approve a COP$5.3 trillion (US$1.6 billion) 2019 budget mainly favoring the city’s most vulnerable citizens. More than 78% of the budget goes to public education, health, infrastructure and “social inclusion,” according to the city’s Treasury Secretary Orlando Uribe Villa. The budget includes a COP$77 billion […]

Companies

Update: EPM Adopts US$5.3 Billion Budget for 2019; Wins US$1 Billion Credit-Lines OK

Medellin Herald November 23, 2018

Medellin-based multinational power and utilities giant EPM announced November 27 that its board adopted a full-year 2019 budget of COP$17.4 trillion (US$5.3 billion), which includes a COP$1.1 trillion (US$337 million) payment of profits to its sole shareholder: the city of Medellin. Another COP$1.1 trillion (US$337 million) in 2019 will go for repairs and continuing

Companies

Coltejer Hires Consultant To Develop ‘Financial Restructuring’

Medellin Herald November 23, 2018

Medellin-based textile manufacturing giant Coltejer revealed in a November 22 filing with Colombia’s Superfinanciera regulatory agency that it has hired a consultant to develop a financial restructuring plan in order to pay liabilities. According to the filing, the company also seeks a credit worth COP$12 billion (US$3.7 million) to buy cotton feedstocks for its

General News

Antioquia Will Continue to Dominate Gold Mining in Colombia: CGS Highlights

Medellin Herald November 23, 2018

Antioquia Mining Secretary Dora Elena Balvin revealed at the 2018 edition of the annual Colombia Gold Symposium (CGS) here that Antioquia continues to dominate national gold production – and is likely to expand output dramatically in coming years. One reason for optimism is the well-underway development of Continental Gold’s massive mining project at Buritica, Antioquia,