Colombia's central bank board will hold the benchmark interest rate steady at its November meeting and through most of 2021 as it seeks to boost economic recovery, a Reuters poll showed on Monday. The 14 analysts surveyed agreed the seven-member board will keep borrowing costs at 1.75% for the second month running. The board cut the rate by 250 basis points between March and September, in a bid to help growth amid the coronavirus pandemic and more than five months of national lockdown.
The Colombian Government announced a plan to reactivate the regional economy by financing works with high social impact, especially in health, drinking water, basic sanitation, education, internet connection, energy, road and agricultural infrastructure, in five northern departments. The agreed investments adds $1.09 bn, which will be executed through the Territorial Pacts of the National Planning Department (DNP).
The Colombian Ministry of Finance published a draft decree in which it establishes the requirements, terms and conditions by which the central government will pay the subsidies for the provision of energy service in Colombia during 2020. The resources will come from public credit operations in the amount of up to $380 million.
The Board of Directors of the Colombian Stock Exchange (BVC) authorized the operation to sell the totality of its shareholding (51%) within Sophos Solutions. Advent International will pay $35 million. The main objective of the sale of the Sophos business is to enhance the liquidity of the market that is the “core” of its business, as well as accelerate the digital transformation and support the possibility of regional integration with the Chilean and Peruvian stock exchanges.
GeoPark Limited, a Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina announced an agreement to sell its 10% non-operated working interest in the Manati gas field in Brazil to Gas Bridge S.A. The total consideration of the transaction amounts to ca $27 million. The Manati Gas field has net proven and probable PRMS reserves of approximately 3 million barrels of oil equivalent, based on December 2019 DeGolyer and MacNaughton’s certification.