After Chile, Colombia was the country in the region where foreign portfolio investment flows recorded a better performance in 2020, even in the tough year due to the crisis of the coronavirus pandemic. According to the Colombian Central Bank, foreign portfolio investment totaled $ 693 million last year, a figure that contrasts with the outflow of $ 3.1 billion in 2019. By contrast, Foreign Direct Investment (FDI) showed a sharp fall in 2020, closing at $ 6.7 billion, a 35% drop compared to 2019 when the figure was US $ 10.4 billion.
According to the Ministry of Finance, Colombia's public debt during 2020 closed at an average of 61% of Gross Domestic Product and reached $ 180.5 billion. 37% corresponds to external debt, with a total amount of $ 66.9 illion. The final amount for 2020 presented an increase of 12.8 percentage points compared to 2019, when the public debt reached 48.6% of GDP, with $ 152.8 billion.
Colombia's majority state-owned oil company Ecopetrol has sold its 50% stake in Offshore International Group (OIG) via a share purchase agreement with a subsidiary of De Jong Capital LLC, it said on Tuesday. Following the purchase, De Jong Capital LLC will hold 100% of OIG's share capital, Ecopetrol said. OIG is the parent company of Savia (Peru), as well as a number of other companies in Peru and the United States.
The Department of Antioquia announced that it awarded the $ 265.2 million. infrastructure project “Doble Calzada Oriente”, in which Constructora Conconcreto owns a 60% stake. The initiative is part of a contract for the Public Private Association of Private Initiative, to be located in eastern Antioquia. The Oriente dual carriageway seeks to provide an optimized road connection between the southern area of the Aburrá Valley (near Medellín), the municipality of Rionegro and the José María Córdova international airport.
An investigation is to be launched by the OECD into the Irish state owned electricity company ESB's use of coal from a controversial Colombian mine following a complaint by human rights and environmental non-governmental organisations.. The complaint lodged with the OECD's National Contact Point here by the Global Legal Action Network (GLAN) will investigate whether the state's electricity supplier breached human rights guidelines by using coal from the Cerrejón mine in northern Colombia.