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Colombia's Banco Agrario receives payment for loans to Odebrecht unit Navelena

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Colombia's Banco Agrario receives payment for loans to Odebrecht unit Navelena

Banco Agrario de Colombia SA said it has received about 156.89 billion Colombian pesos as payment for loans granted to construction consortium Navelena SAS.

The payment, composed of 120 billion pesos of capital and about 36.89 billion pesos of interest, was a result of the liquidation carried out by government agency Cormagdalena. Banco Agrario reiterated that that the loans at no time had caused a detriment to the finances of the state.

In a statement, the bank said it had made efforts to ensure the payment was made, including the issuance of fiduciary certificates to support the operations of Navelena and the filing of an enforcement action against the firm.

Navelena, which is owned by scandal-plagued multinational company Odebrecht, received the original loans in conjunction with its contract to restore the Magdalena River waterway at a total cost of about 2.5 trillion pesos.

As of Oct. 13, US$1 was equivalent to 2,928.86 Colombian pesos.