PROCOLOMBIA's Functions

To develop a new scheme for internationalization of the economy, the work that developed as PROEXPO in the promotion of exports was divided in two areas: financial and non-financial promotion.

The Bank of Foreign Commerce, BANCOLDEX (created by Article 21, Law 7 of 1991 as a joint-stock company for a mixed economy) was organized as an establishment of banking and credit ties to the Ministry of Foreign Trade, joined to put forth financial promotion.

In as much PROCOLOMBIA was created, as a non-financial export promotion organism, through the constitution of a non-financial independent trust. (Decree 2505 of the 5th of November of 1991).

Additionally, in agreement with the established entity in Public Decree 8,851 of October, 1992, the Colombian Bank of Foreign Trade was created, FIDUCOLDEX.

This was a society of national mixed economy, a sister bank the Colombian Bank of tie Foreign Commerce- BANCOLDEX and linked with the Colombian Ministry of Foreign Trade, with a 89% of capital belonging to BANCOLDEX, a 8% share between 11 unions that group to the main exporter of nontraditional products and a 3% share to the five main Chambers of Commerce in the country, having therefore a private character. In November of the same year, it began to administer the goods of the Trust for the Promotion of Exports, PROCOLOMBIA COLOMBIA.

The main aims of the Fiduciary Contract are: (Separation of the clause First of the Fiduciary Contract established by means of Public Law 8,851 of October, 1992)

  • To develop the workings for the promotion of exports in agreement with the Organic Statute of the Financial System, the Fiduciary Contract and the instructions of the Council of Advisors.
  • To develop other workings for the promotion of exports, in accordance with the obligations that the Fund for the Promotion of Proexpo Exports had, when transforming itself into the Colombian Bank of Foreign Commerce- BANCOLDEX.

The bylaws of PROCOLOMBIA - COLOMBIA are in force by the private right and are oriented by their Council of Advisors.

Nature of PROCOLOMBIA - COLOMBIA
Parts of the Decree 2553 of December 23rd, 1999

ARTICLE 30° Nature of Proexport. PROCOLOMBIA is an independent endowment administered by FIDUCOLDEX, integrated with resources destined for the promotion of exports and by the originating resources of the services remunerated by their users, developing literally from article d) of the Organic Statute of the Financial System.

Paragraph. It is understood by promotion of exports that the activities assigned to the trust by Decree 663 of 1993 are actions necessary to execute the Strategic Export Plan for ten years, as well as the workings directed to the fortification of the strategy of competitiveness and productivity of the country and to the development of the instruments of support to the exportable supply, activities that could be assumed total or partially by the nation.

ARTICLE 31° Council of Advisors for Proexport. The Council of Advisors for PROCOLOMBIA are integrated by the Minister of Foreign Trade, or its delegate, who will preside over it; the President of BANCOLDEX, in whose absence the legal representative of the Bank will be able to act as President designate, freely nominated and removed; two people designated by The President of the Republic, of free appointment and removal, in whose absence the substitutes whom he designates, and two representatives will act as representatives for the export and production sectors as selected by the Ministry of Foreign Trade and a list of business people presented/displayed by the Regional Advisory Committees of the Ministry of Foreign Trade. Paragraph. The meeting will be attend by the president of Fiducoldex, who will have no vote.

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Proexport Colombia  is the bureau in charge of tourism, foreign investment and export promotion in Colombia.

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