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1. Colombia, back to recession since 1999.

Colombia entered in recession due to the paralysis caused by the Covid-19 pandemic, after registering for the second consecutive quarter a contraction in Gross Domestic Product (GDP).

2. Bogota approves local Plan Marshall to encourage the economy upturn.

The Council of Bogotá approved Agreement 780 of 2020, also known as Marshall Plan through which incentives are established for the economic reactivation. Among others, the following are some key aspects: (i) discount on the financing of the registration and renewal of the mercantile registry, (ii) the progressive rate of the Industry and Commerce tax (ICA) for those who formalize their business or have done during the year 2020 and (iii) design and promotion of microcredit and credit programs aimed at the informal sector.

3. Colombia renewables tender seeks to contract 5 GW

Colombia will be offering more than 5,000 MW of capacity in the next renewable energy auction for long-term contracts scheduled for the first quarter of 2021.