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To develop a new scheme for internationalization of the economy, the work that developed as PROEXPO in the promotion of exports was divided in two areas: financial and non-financial promotion.
The Bank of Foreign Commerce, BANCOLDEX (created by Article 21, Law 7 of 1991 as a joint-stock company for a mixed economy) was organized as an establishment of banking and credit ties to the Ministry of Foreign Trade, joined to put forth financial promotion.
In as much PROEXPORT COLOMBIA was created, as a non-financial export promotion organism, through the constitution of a non-financial independent trust. (Decree 2505 of the 5th of November of 1991).
Additionally, in agreement with the established entity in Public Decree 8,851 of October, 1992, the Colombian Bank of Foreign Trade was created, FIDUCOLDEX.