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Abelardo De la Espriella establishes Miracle Fund and series of decrees to finance reconstruction following 7.4 magnitude earthquake

President Abelardo De la Espriella has issued a series of 11 decrees to manage the reconstruction of regions hit by a 7.4 magnitude earthquake. The administration announced the creation of the Miracle Fund, an autonomous patrimony designed to gather resources from the national budget, public credit, and private donations to address the crisis. The fund will be managed by Jaime Andrés Uribe Tamayo and operates under private law to allow for faster contracting than traditional public procurement. To support the effort, the administration announced that territorial entities not affected by the earthquake can now co-finance projects outside their own jurisdiction. Additionally, the administration announced that the Miracle Fund will utilize resources from the National Pension Fund of Territorial Entities (Fonpet) to address emergency needs. The administration also announced a new mechanism for private investment, allowing contributors with incomes above $1.760 million to obtain tax benefits through 'works for taxes.' This initiative allows companies to execute public infrastructure projects in the 16 declared emergency departments in exchange for up to 50% of their income tax. The administration announced that the reconstruction cost is estimated to be between $30 billion and $40 billion pesos.

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