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Objectives and Functions of PROCOLOMBIA

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Legal information related to the functions of PROCOLOMBIA..

As part of the development of the new economy globalization scheme, the work carried out by PROCOLOMBIA in terms of promotion of exports was divided in two areas: Financial and Non-Financial Promotion.

Banco de Comercio Exterior Bancoldex, a mixed economy corporation incorporated through Article 21 of Law 7 of 1991, organized as banking credit establishment and ascribed to the Ministry of Foreign Trade, is now entrusted with the financial promotion.

PROCOLOMBIA Colombia was created as agency for the non-financial promotion of exports, through the establishment of an autonomous patrimony trust (Decree 2505 of November 5th, 1991).

On the mean time, in accordance with Public Deed 8.851 of October 1992, Sociedad Fiduciaria Colombiana de Comercio Exterior Fiducoldex, was established as a national mixed economy company, as affiliate of Banco Colombiano de Comercio Exterior Bancoldex and ascribed to the Ministry of Foreign Trade of Colombia.

89% of the capital of this entity was assigned to Bancoldex, 8% to (11) Trade Associations that group the main non-traditional product exporters, and 3% to the top five Chambers of Commerce of the country, thus becoming a private entity. In November of the same year, Fiducoldex started to administer the goods of the Export Promotion Trust PROCOLOMBIA Colombia.

The main purposes of the trust contract include:

(Sections from Clause One of the Trust Contract set out through Public Deed 8.851 of October 1992)

  • A. Develop export promotion tasks, in accordance with the Organic Statue of the Financial System, the trust contract and the instructions of the Advisory Board.
  • B. Develop other export promotion works, in furtherance of the obligations that the Exports Promotion Fund PROCOLOMBIA, formerly had when it became Banco de Comercio Exterior Bancoldex.

The acts of PROCOLOMBIA Colombia Colombia are governed by the private law, and are directed by its Advisory Board.

Nature of PROCOLOMBIA Colombia
(Sections from Decree 2553 of December 23rd, 1999)

ARTICLE 30 Nature of PROCOLOMBIA. PROCOLOMBIA is an autonomous patrimony administered by Fiducoldex, comprised of the resources destined to the promotion of exports, and of the resources derived from services paid by the users, in furtherance of letter d) of Article 282 of the Organic Statute of the Financial System.

Paragraph. Export promotion is understood as the activities assigned to the trust through Decree 663 of 1993, the actions needed to execute the Export Strategic Plan in a ten-year window, works aimed at strengthening the competitiveness and productivity strategy of the country, in addition to the development of the instruments that support the exportable supply. These activities may be fully or partially assumed by the State.

ARTICLE 31 PROCOLOMBIA Advisory Board. The PROCOLOMBIA Advisory Board is comprised of the Ministry of Foreign Trade, or the entity acting as such, which shall preside it; the President of Banco de Comercio Exterior, who may be replaced, in his absence, by the legal representative of the Bank designated by the President of the Republic, freely appointed and removed and, in the absence thereof, by two deputies appointed by him; two main representatives of the private sector with their respective deputies, designated by the President of the Republic; lists of three candidates presented by exporting and national production associations, registered at the Ministry of Foreign trade, and a list of entrepreneurs submitted by the Regional Advisory Committees of the Ministry of Foreign Trade.

Paragraph. The president of Fiducoldex will attend to the Board (with right to speak, but not to vote).