Fitch Ratings has affirmed Colombia's Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at 'BBB-' with a Negative Outlook. Colombia's 'BBB-' rating reflects the government's long track record of conservative macroeconomic policies that have underpinned macroeconomic and financial stability. Its ratings are constrained by high commodity dependence, weaker external metrics compared with peers, rising government debt burden and structural weaknesses in terms of low GDP per capita and weaker governance indicators relative to peers. Fitch forecasts the economy to contract by 6.9% in 2020 (broadly in line with the current BBB median of -6.7%), and rebound by 4.9% in 2021. Growth of 3.8% is projected in 2022.
At the end of Q3 2020, the consolidated revenue of the Colombian Stock Exchange (BVC) reached $ 66.7 million, a growth of 24% compared to the same period of the previous year. At the same time, profits grew 74% and stood at $ 18.4 million, while Ebidta reached $19.7 million after an increase of 11%.
Greenyellow inaqugurated its new solar park in Colombia in the Córdoba department. Its 27,500 solar panels will generate 17 GWh per year and avoid emission of 6,587 tons of CO2 per year. This project is one of the 12 that the French company will build in the next two years and with which it expects to generate 100 direct and indirect jobs. Colombia will incease its share of renewables from less than 1% of the energy matrix in 2018 to more than 12% by 2022, said the Minister of Mines and Energy, Diego Mesa. The new solar farm will serve retail giant Éxito in the Caribbean region and its investment exceeds $ 2.9 million.
María Inés Agudelo, President Bolsa Mercantil from Colombia, announced that "despite the pandemic so far this year we have grown 12% compared to 2019", largely through non-bank financing alternative with our irrevocable transfer orders (OIG) and Repos products. The volume of OIG´s has grown by 53%, going from $2.9 million to $45.6 million and in repos the trading volume has increased by 41%, going from $16.9 million to $23.9 million, so far of the year.
The ministry of agriculture annouced a programme to provide loans at a subsidized rate for Colombian farmers for more than $ 560 million. This program is complemented with technical assistance through agricultural extension. In addition, support for entrepreneurship projects, creation of productive capacities and support for commercialization will be close to $ 4.2 million. The Government hopes to reach more than 230,000 producers in 2021.