Government approves ExxonMobil’s $53 mn fracking test pilot

The National Hydrocarbons Agency (ANH) approved yesterday ExxonMobil's proposal to carry out a new fracking pilot project in Puerto Wilches (Santander). The company expects to invest $53 million, of which local communities will share 0.5% of the investment. The proposal also includes a minimum of 7% good and services provision from local suppliers.

$4.4 bn invested in Cuarta Generación infrastructure projects

Despite the effects of the current covid-19 pandemic, the National Infrastructure Agency (ANI) has reactivated 49 infrastructure projects over the past year. Among these projects, 27 correspond to the government's infrastructure policy flagship Cuarta Generación (4G). For the latter, $4.4 billion (Co$ 16.969 billion) has been invested to date, creating 64,000 new direct jobs and 140,000 indirect. ANI expects seven projects to be finished by the end of this year and another ten by next year.

Colombian central bank profits fell by 94% in January 2021

Between January 2020 and January 2021, Banco de la República's net income shrunk by 94% from $512 million (Co$ 1.92 billion) to $29 million (111,698 million). The operating revenue also decreased from $536 million (Co$ 2 billion) to $70 million (Co$ 264,473 million) in the same period. With lower interest rates, even closer to zero, this trend is expected to continue this year and further, said Central Bank's governor, Leonardo Villar.

Banking sector earnings down by 34.6% in January 2021

In January 2021, the financial sector's net income in Colombia dropped by 34.6% to $141 million (Co$ 523,906 million), revealed the Financial Superintendency of Colombia (SFC). Despite the general losses, the local banks with the highest profit were Banco de Bogotá ($ 55 million), followed by Bancolombia ($19 million) and Davivienda ($8.2 million). BBVA earned the highest among foreign banks ($16 million).