The Colombian peso (COP) experienced a 2.1% appreciation during March 2026, driven by a recovery in global oil prices and key domestic developments. According to the latest analysis from Bancolombia (BVC: BCOLOMBIA / NYSE: CIB), the performance of the currency coincided with the results of national legislative elections and recent monetary policy adjustments by the Banco de la República.
Global energy markets recorded a significant increase in crude prices throughout the month. Brent crude rose 63% to end March at $118 USD per barrel, while West Texas Intermediate (WTI) increased 51% to close at $101 USD per barrel. These price movements have been largely attributed to geopolitical tensions in the Middle East, which continue to influence international commodity flows and investor sentiment.
On the domestic front, the Gran Coalición por Colombia primary election recorded a turnout of more than 5 million voters. Market analysts indicated that the high participation rate was viewed as a positive indicator of institutional stability. Simultaneously, the Board of Directors of the Banco de la República increased the national policy interest rate by 100 basis points, bringing the benchmark rate to 11.25%. This decision aligns with regional efforts to manage inflationary pressures through tighter monetary control.
International market conditions also reflect a shift in expectations regarding the Federal Reserve. Due to ongoing conflict in the Middle East and persistent economic indicators, markets currently anticipate that the US central bank will maintain existing interest rates without cuts for the remainder of the year.
Looking forward to April, the research team at Bancolombia—led by Chief Economist Laura Clavijo, Macroeconomic Manager Jose Luis Mojica, and International and FX Analyst Maria Paula Gonzalez—projects that the exchange rate will trade within a range of $3,625 COP to $3,725 COP. This forecast accounts for continued volatility and heightened uncertainty in both global and domestic financial markets.
Bancolombia (photo © Loren Moss)
The History Channel is scheduled to premiere a new documentary titled Parceros on April 29, 2026. The 43-minute production, developed in collaboration with the Alcaldía de Medellín, examines the social challenges facing youth in the city’s communes and the state-led initiatives designed to mitigate the influence of criminal structures.
The documentary focuses on the Parceros program, an initiative managed by the Secretaría de Seguridad y Convivencia of Medellín. The program provides psychosocial support, academic training, and employment pathways for children, adolescents, and young adults at risk of recruitment by organized crime. According to municipal data, approximately 350 criminal groups operate within Medellín, involving an estimated 6,000 to 12,000 individuals. The program has served over 9,000 participants between 2024 and 2025, with a target of reaching 15,000 individuals by the end of the current four-year term.
“When the public sector works hand in hand with social organizations and media with global reach, the impact is multiplied.” — Federico Gutiérrez, Mayor of Medellín.
Federico Gutiérrez, the Mayor of Medellín, stated that the partnership with international media outlets aims to increase the visibility of the city’s social transformation. He noted that the collaboration between the public sector and global organizations facilitates a broader impact for regional infrastructure and social programs. The documentary features Argentine actor and producer Michel Brown, who serves as the primary narrator and interacts with participants to document their transition from informal or illegal activities toward stable employment and entrepreneurship.
The production follows the individual trajectories of three participants: Marcela, Alejandro, and Juan Sebastian. These accounts detail the transition from situations involving homelessness, illegal activities, and exploitation toward roles in municipal security management, private business ownership, and the local tourism sector. Paulina Patiño, director of the Parceros program, indicated that the initiative focuses on building human capital and providing alternatives to the economic incentives offered by local criminal organizations.
Produced by A+E Networks (NYSE: DIS) in association with Loso Producciones and co-produced by Lulo Films, the project reflects a trend of utilizing high-production-value media to document ESG-related social investments in Latin America. Cesar Sabroso, Senior VP of Marketing at A+E Networks Latin America, emphasized the company’s objective to distribute these narratives across the region to highlight successful intervention models.
Medellín continues to be a focal point for international observers due to its ongoing social transformation and its status as a hub for the global creative economy. The documentary intends to provide a technical look at how targeted social spending and public-private partnerships can alter the demographic trajectory of urban centers in Colombia and the broader US interest area.
Headline photo of Medellín’s Comuna 13 (photo © Loren Moss)
The Financiera de Desarrollo Nacional (FDN), a member of the Grupo Bicentenario, has announced its participation in the financial closing of the El Campano Solar Park. Located in Chinu, Cordoba, the renewable energy project is designed to strengthen national energy security and support the transition toward cleaner power sources.
The initiative involves the development, construction, and operation of a photovoltaic solar plant with an installed capacity of 128.8 MWdc (99.9 MWac). The facility is scheduled to begin commercial operations by the third quarter of 2027.
The financial structure includes a commitment from the FDN of up to $157.5 billion COP, consisting of senior debt and a bank guarantee. This contribution represents approximately 50% of the total project debt. The total investment for the project is estimated at $453.9 billion COP, utilizing a framework that combines private equity and long-term debt.
“The financial closing of the El Campano Solar Park represents a firm step in the consolidation of a cleaner, more resilient, and sustainable energy matrix for Colombia.” — Rafael Herz, acting president of the FDN
“The financial closing of the El Campano Solar Park represents a firm step in the consolidation of a cleaner, more resilient, and sustainable energy matrix for Colombia,” stated Rafael Herz, acting president of the FDN. “At FDN, we remain committed to mobilizing investment toward strategic projects that not only strengthen the country’s infrastructure but also generate positive environmental and social impacts in the regions.”
Revenue for the El Campano Solar Park is supported by a 15-year energy purchase agreement (PPA) with ISAGEN, a company maintaining a AAA credit rating. The contract operates under a “pay-as-generated” modality. Furthermore, the project is set to receive income via the Cargo por Confiabilidad (Reliability Charge) over a 20-year period, a mechanism intended to ensure long-term financial stability and debt service capacity.
The project is being developed by Atlas Renewable Energy in partnership with ISAGEN (BVC: ISAGEN). This collaboration is part of a broader joint strategy aiming to develop up to 1,000 MW of solar projects in Colombia by 2030.
In addition to its contribution to the Sistema Interconectado Nacional (National Interconnected System), the project is expected to reduce carbon dioxide emissions by approximately 4 million tons over its operational lifespan. This alignment follows national objectives regarding sustainability and climate change mitigation.
According to the FDN, the project integrates environmental, social, and governance (ESG) criteria into the financing decision-making process, focusing on the decarbonization of the economy and regional development.
Fresh audio revelations broadcast by Noticias Caracol have triggered a political storm in Colombia, implicating senior government-linked figures in alleged secret contacts with one of the country’s most notorious smugglers, Diego Marín Buitrago.
The recordings, aired late on April 5, appear to document meetings between intermediaries connected to President Gustavo Petro and the legal representative of Marín, widely known by the alias “Papá Pitufo.” The revelations come with just over four months remaining in Petro’s presidential term, intensifying scrutiny over his administration.
According to the report, the audios – lasting more than 90 minutes – capture conversations from early 2025 involving at least four individuals allegedly acting as emissaries of the government. Among them is Jorge Lemus, the former head of the National Intelligence Directorate (DNI), as well as other figures with links to the administration.
In the recordings, Lemus is heard holding closed-door meetings with Marín’s lawyer, Luis Felipe Ramírez, in which possible judicial benefits and guarantees are discussed in exchange for cooperation. Such proposals, if confirmed, would fall outside the remit of intelligence officials and raise questions about potential overreach and irregular negotiations.
The audios also suggest that these contacts occurred before any formal intervention by judicial authorities, with intermediaries allegedly presenting themselves as acting on behalf of the executive branch. Additional names mentioned include Catalan political figures Xavier Vendrell and Ramón Devesa, as well as former financial intelligence adviser Isaac Beltrán.
The revelations have revived a long-running controversy over alleged links between Marín and Petro’s 2022 presidential campaign. Previous reports indicated that the smuggler may have contributed 500 million pesos (approximately $130,000) to the campaign—funds Petro has said were returned upon discovery of their origin. However, opposition figures argue that no conclusive proof of that վերադարձ has ever been presented.
Opposition leaders, including senator and presidential hopeful Paloma Valencia, seized on the latest disclosures to demand an independent investigation. “This is an extremely serious institutional matter,” Valencia said in a video response, questioning the absence of evidence regarding the alleged վերադարձ of the funds and warning of a pattern of clandestine contacts.
Critics argue that the recordings point to “under-the-table” dealings with criminal actors, potentially undermining the government’s legitimacy at a critical political juncture.
President Petro responded by acknowledging that intelligence contacts with Marín’s circle had taken place but insisted they were authorized and aimed solely at securing the smuggler’s cooperation with Colombian justice.
“The purpose was to bring Marín to Colombia,” Petro said, framing the outreach as part of a broader strategy to dismantle criminal networks. However, the president went further, alleging that some intelligence agents may have exploited the situation by attempting to solicit money during the interactions.
According to Petro, these alleged irregularities led to dismissals within state agencies, suggesting internal misconduct rather than a coordinated government effort to negotiate with the smuggler.
The president also criticized the Fiscalía General de la Nación, accusing prosecutors of limiting the scope of investigations and pursuing what he described as a politically motivated campaign against his administration.
Marín, long considered one of Colombia’s most significant contraband operators, has been linked for decades to networks involved in smuggling and bribery. His arrest in Europe in 2024 triggered an ongoing extradition process, though legal challenges in countries including Spain and Portugal have complicated proceedings.
Prosecutors in Colombia have charged him with criminal conspiracy and bribery, alleging he led a sophisticated structure that penetrated state institutions.
The latest revelations add to mounting political pressure on Petro, whose administration has already faced a series of scandals and internal fractures. With the presidential term nearing its end, the emergence of recorded evidence – rather than testimony or second-hand accounts—marks a potentially decisive moment in a controversy that has shadowed his government for years.
Whether the audios lead to formal investigations or judicial consequences remains unclear. But politically, the damage appears immediate, reopening questions about the boundaries between state actors and criminal networks—and the extent to which those lines may have been blurred behind closed doors.
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