Colombia’s Chocó Draws Business Titans After 7.4 Quake, Sparking a Tourism Revival That Could Transform the Region

Written By: Somudranil Sarkar

Somudranil Sarkar

Somudranil Sarkar is a literary artist whose writing blends precision with imagination, delving deep into human emotions and societal constructs. As a writer, he crafts stories that breathe life into abstract ideas, creating worlds where language serves as both paint and canvas. As an editor, Sarkar shapes narratives that resonate globally, elevating writing beyond grammar to tell meaningful, profound stories. His work challenges readers to reflect, question, and understand the world more deeply. With his unique vision, Sarkar pushes boundaries, leaving a lasting imprint on both literature and the way we connect through words.

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September 7, 2026 21:56 GMT+5:30

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Colombia’s most influential business leaders are travelling to Chocó on September 7 alongside President Abelardo De la Espriella, turning the earthquake recovery effort into a potentially defining public-private initiative for one of the country’s most economically challenged regions.

The delegation’s arrival in Quibdó, Chocó’s capital, comes almost a month after the magnitude 7.4 earthquake of August 10, which was centred near San José del Palmar and caused particularly serious damage across Chocó.

But Monday’s meeting is expected to address a much larger question than rebuilding damaged infrastructure: Can the earthquake recovery become a catalyst for long-term economic and social transformation in Chocó?

Colombia’s Corporate Heavyweights Join Reconstruction Effort

The delegation brings together some of the most powerful figures in Colombia’s private sector.

Among those expected are Alejandro Santo Domingo, representing Valorem; Luis Carlos Sarmiento Angulo, founder of Grupo Aval; Jaime and Gabriel Gilinski, whose business interests include banking and media; and David Vélez, founder of Nubank.

The group is also expected to include senior representatives from several other major Colombian companies and business organisations.

Participants include Juan Carlos Mora of Bancolombia, Fuad Char of Grupo Olímpica, César Caicedo of Colombina, Christian Daes of Tecnoglass and Miguel Cortés Kotal of Grupo Bolívar, alongside representatives connected with Organización Ardila Lülle.

The breadth of the delegation signals the importance being attached to the recovery effort. It also reflects an attempt to mobilise private-sector financing, technical expertise and investment capacity alongside government resources.

August Earthquake Changed the Scale of the Challenge

The August 10 earthquake created an enormous reconstruction challenge in a department that already faced substantial development deficits.

Homes, roads, hospitals and schools require attention, while infrastructure and public services remain central concerns. The earthquake therefore struck a region that was already dealing with longstanding economic and social vulnerabilities.

Initial estimates for the broader national reconstruction programme linked to the earthquake put the cost at more than 30 trillion Colombian pesos, equivalent to roughly US$9.5 billion based on the figures provided.

Of that amount, approximately 24.5 trillion pesos was associated with buildings, while another 5.5 trillion pesos was allocated to infrastructure.

For Chocó, the challenge is especially significant because reconstruction must be carried out against a backdrop of historically limited investment and difficult infrastructure conditions.

Private Sector Had Already Agreed to Support Victims

The relationship between the government and major business groups began taking shape before Monday’s visit.

On August 22, President De la Espriella met several business leaders in Barranquilla. One of the agreements emerging from that meeting involved mortgage relief for earthquake victims.

Grupo Aval, Grupo Gilinski and Grupo Bolívar agreed to reduce mortgage lending rates for affected borrowers to an effective annual rate of 8%, according to the supplied information.

That agreement established an early example of private-sector involvement in the recovery process.

The subsequent decision to hold a working session in Chocó represents a potential expansion of that cooperation—from immediate financial relief towards a broader reconstruction and development strategy.

Governor Calls for More Than Reconstruction

Chocó Governor Nubia Carolina Córdoba has argued that the department should not simply be restored to the condition it was in before the earthquake.

Her position is that rebuilding should instead be used to address structural weaknesses that have affected the department for decades.

The governor has prepared a plan intended to cover not only physical reconstruction but also economic development, infrastructure and social development.

That approach would shift the earthquake response from a conventional disaster-recovery model towards a longer-term regional development programme.

Córdoba has also highlighted the importance of the private sector’s commitment, describing September 7 as a potentially historic day for Chocó.

A Potential Public-Private Partnership

Monday’s meeting could provide the foundation for a major public-private partnership.

Under the emerging model, the government would be expected to provide public resources, institutional coordination and administrative capacity. Businesses could contribute financing, investment, construction expertise and productive projects.

Such cooperation could be particularly significant in sectors capable of creating employment and establishing sustainable economic activity.

However, the central challenge will be ensuring that private participation extends beyond charitable donations or the replacement of damaged buildings.

A successful recovery strategy would need to address the underlying causes of Chocó’s development gap.

Why Chocó Matters to Colombia’s Recovery Strategy

Chocó has historically recorded some of Colombia’s highest poverty levels and lowest development indicators.

The department has faced persistent shortcomings in healthcare, education, transport infrastructure, connectivity, public services and economic opportunity.

Those conditions mean that earthquake reconstruction cannot easily be separated from broader development policy.

Repairing a damaged school, for example, may restore a building. But improving education outcomes could require better connectivity, staffing, equipment and long-term investment.

The same principle applies to roads, healthcare facilities and other infrastructure.

This is why the concept of a broader development plan—or a so-called Marshall Plan for Chocó—has gained attention in discussions surrounding the recovery.

From Emergency Relief to Economic Transformation

The most important test will be whether the new alliance produces measurable economic benefits for local communities.

Investment in reconstruction could potentially create employment in construction and related industries. Longer-term productive projects could then help establish new sources of income and strengthen the local economy.

Better infrastructure and connectivity could also improve access to markets and services, helping businesses operate more efficiently and potentially encouraging additional investment.

For Chocó, the objective is therefore much larger than restoring what the earthquake destroyed.

The goal is to use an unprecedented reconstruction effort to tackle problems that existed long before August 10.

September 7 Could Mark a New Chapter

The meeting in Quibdó places Colombia’s political leadership and its largest private-sector groups together in one of the country’s most disadvantaged departments.

For the government, the initiative offers an opportunity to transform corporate involvement into a strategic component of reconstruction.

For business leaders, it represents a chance to direct investment and expertise towards a region that has historically received less private capital than many other parts of Colombia.

For Chocó’s residents, the critical question will ultimately be whether the promises result in better housing, stronger infrastructure, improved healthcare and education, more reliable public services and sustainable employment.

The earthquake created a devastating crisis. Monday’s meeting will determine whether Colombia can turn that crisis into the beginning of a deeper transformation for Chocó.