Colombian export development bank Bancoldex increased its financial resources to local exporters 54% during the first semester this year to Ps1.26tn (US$440mn).
The metal and electronics industries were the main recipients of Bancoldex funds, followed by the local chemistry, plastic and oil industries.
In monetary terms, Ps426bn of Bancoldex’s loan portfolio was for working capital, Ps356bn for leasing operations with Ps177bn targeted toward the re-composition of company liabilities. Bancoldex highlighted the fact that loans to micro, small and medium-sized enterprises grew 75% during the first half this year to Ps306bn.
Banco de Comercio Exterior de Colombia (Bancoldex) should be set to play a very important role in Colombia’s exporting future, set to be boosted by upcoming free trade agreements and increased regional integration.
Colombian exports to its principal market the US were up 15% in the first four months this year, which is a show of strength for local exporters. The Colombian government has been very proactive in seeking a free trade agreement with its largest importer.
Venezuela another important trading partner has been a disappointment to Colombian exporters this year, having witnessed a 66% plummet in exports to their politically and economically troubled neighbour between January and April this year.