LatinNews Daily - 29 August 2023

In brief: Colombia’s Ecopetrol authorised to arrange US$1bn loan

*Colombia’s finance ministry (MHCP) has authorised Colombia’s state-owned oil firm Ecopetrol to arrange a line of credit worth up to US$1bn with international lenders to fund the company’s investment plan for this year. According to an Ecopetrol statement, the loan will be provided by Germany’s Deutsche Bank, Mexico’s Banco Inbursa, Panama-headquartered Banco Latinoamericano de Comercio Exterior, and UK-headquartered ICBC Standard Bank. It will have a seven-year term and includes a variable interest rate previously agreed between the lenders and Ecopetrol, the details of which were not disclosed in the statement. According to the Ecopetrol statement, an initial amount of US$800m will be made available in the upcoming days, with the possibility of access to a further US$200m in the next 90 days.

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