Colombia plans to speed up investments of $2bn under the Territorial Focus Development Program (PDET) over the next three years as part of the government’s reactivation strategy. This program involves improving economic conditions in 170 municipalities heavily affected by the armed conflict with the FARC guerrilla. Investments will go to basic infrastructure, water, schools, and rural programs. The funds were originally allocated for the 2021-2030 period, but the government decided to speed up the investment rhythm by 70%, President Iván Duque said during the opening of the Colombia Investment Summit.
As the country´s 4th Generation infraestructure projects move towards completion, attention is turning to the 5G programme. The first leg (of two) will consist of 12 projects to be tendered over the next year with a combined capital expenditure of more than $5bn. Unlike the 4G programme, which focused on road-building, these schemes cover road, rail, air and river transport. Colombia is ranked 104 in quality of road network infrastructure in the World Economic Forum´s Global Competitiveness Index.
Barranquilla-based Atlántico Photovoltaic has presented an environmental impact assessment for its eponymous 199.5MW solar park and an associated 500kV transmission line. The project will require investment of $119 mn and forms part of a series of non-conventional renewable energy initiatives that will add 2.5GW of installed capacity to Colombia's generation mix by 2022, according to the government.
Diego Mesa, Minister of Mines and Energy, said the energy sector has 33 prioritized projects that add an estimated investment of $ 9.000 mn and the generation of 54,000 jobs. The strategic points in which the sector is concentrated are energy transformation, energy security, sustainable mobility and mining diversification.The energy and mining sector is the second in the Colombian economy with almost 13% of the nation's income, Mesa said. It represents 34% of direct foreign investment and 56% of Colombian exports.
During his speech at this year's edition of the Colombia Investment Summit, the Minister of Commerce, Industry and Tourism, José Manuel Restrepo, indicated that the country plans to attract investment of about $280 million over the next five years.
During the COVID19 pandemic, the Colombian central bank has drawn on all the resources at its disposal to meet its objectives in the national economy, and one of them was to sell a large part of the country's gold reserves. According to data from the World Gold Council (WGC), the Issuer has removed about 10 tons of this precious metal from its coffers so far this year. In 2019, the central bank had around 19 tons of gold in its reserves, which fell to 13.8 tons in the first quarter of 2020 and 4.1 tons at the end of June. By May 2020, it had sold $ 468 mn, equivalent to 67% of its holdings in that moment.