As part of the development of the new scheme for the internationalization of the economy, PROCOLOMBIA's work in export promotion was divided into two areas: Financial and Non-Financial Promotion.

The Foreign Trade Bank Bancoldex, a mixed-economy corporation created by Article 21 of Law 7 of 1991, organized as a banking credit institution and linked to the Ministry of Foreign Trade, became a financial promotion agency.

PROCOLOMBIA Colombia was created as a non-financial export promotion agency, through the constitution of an autonomous patrimony trust (Decree 2505 of November 5, 1991).

At the same time, pursuant to Public Deed 8,851 of October 1992, Sociedad Fiduciaria Colombiana de Comercio Exterior Fiducoldex was established as a mixed economy company of the national order, a subsidiary of Banco Colombiano de Comercio Exterior Bancoldex and linked to the Colombian Ministry of Foreign Trade.

The 89% of the capital of this entity was assigned to Bancoldex, 8% to eleven (11) Guilds that group the main exporters of non-traditional products and 3% to the five main Chambers of Commerce of the country, with which the organization acquired a private character. In November of the same year, Fiducoldex began to manage the assets of the Export Promotion Trust, PROCOLOMBIA Colombia.

The main purposes of the trust agreement are as follows:

(Paragraphs of Clause One of the Trust Agreement established by Public Deed 8,851 of October 1992)

1.  To develop export promotion activities in accordance with the Organic Statute of the Financial System, the trust agreement and the instructions of the Advisory Board.
2.  To develop other export promotion tasks, in compliance with the obligations that the Export Promotion Fund PROCOLOMBIA had, when it was transformed into the Foreign Trade Bank Bancoldex.

The acts of PROCOLOMBIA Colombia are governed by private law and are guided by its Advisory Board.

Nature of PROCOLOMBIA Colombia

(Sections of Decree 2553 of December 23, 1999)

ARTICLE 30 Nature of PROCOLOMBIA. PROCOLOMBIA is an autonomous patrimony administered by Fiducoldex, integrated by the resources destined to the promotion of exports and by the resources coming from the services remunerated by its users, in development of literal d) of article 282 of the Organic Statute of the Financial System.

Paragraph. Export promotion is understood as the activities assigned to the trust by Decree 663 of 1993, the actions necessary to execute the 10-year Strategic Export Plan, the work aimed at strengthening the country's competitiveness and productivity strategy, in addition to the development of instruments to support the exportable supply. These activities may be assumed totally or partially by the Nation.

ARTICLE 31 Advisory Board of PROCOLOMBIA. The Advisory Board of PROCOLOMBIA is composed of the Minister of Foreign Trade, or his delegate, who shall chair it; the President of the Bank of Foreign Trade, in whose absence the legal representative of the Bank designated by the President may act as alternate; two persons designated by the President of the Republic, freely appointed and removed, in whose absence the alternates designated by him shall act; two regular representatives of the private sector with their respective alternates, appointed by the President of the Republic; three candidates presented by the exporting guilds and the national production, registered in the Ministry of Foreign Trade and a list of businessmen presented by the Regional Advisory Committees of the Ministry of Foreign Trade.

Paragraph. The President of Fiducoldex will attend the Board (he will have voice but no vote).