Venezuela has paid over 50% of the $800 million debt it owes to Colombian exporters, according to Colombia’s ambassador in Caracas Jose Fernando Bautista, reports Dinero.
“The payment has been normal and smooth; we’re already at over 50% of the debt paid,” said Bautista.
In November, Colombia’s Minister of Trade, Industry and Tourism Sergio Diaz-Granados said that the payment of the debts is important part of trade integration and a productive relationship between the neighboring countries.
Businesses in the coastal region of Colombia said in November that they felt as if they were being “left until last” in the repayment of the debts, but companies in Cartagena, Barranquilla and Monteria register lower debts than companies in Bogota, Medellin, and Cali according to the report.
Companies in Bogota are owned the most money, $274 million, followed by Medellin with $171 million and Cali with $136 million.
Venezuela froze debt payment after clashes between President Hugo Chavez and his then-counterpart Alvaro Uribe earlier in 2010.
Following the normalization of relations under the administration of Juan Manuel Santos, the socialist country vowed to repay the debt.
After the re-establishment of ties, Venezuela announced that it would begin repaying the $800 million, and made the first payment, of $70 million, to the Colombian airlines Avianca and Aires.