COLOMBIA · POLITICS
Published Saturday, 14 November, 10:15 a.m. ET · Source: Colombian Presidency announcement on X, Fiducoldex trust contract, CongressColombia’s earthquake rebuilding fund lost its boss in a pay row, less than three months after he took the job. President Abelardo de la Espriella, who took office in August, said on Friday 13 November 2026 that he asked Jaime Uribe to resign as manager of the Miracle Fund (Fondo Milagro).
He named Luis Felipe Henao, a former housing minister, as the replacement. For US investors in Colombian debt, the change matters because the fund is the main channel for the money that must rebuild after the 10 August earthquake, and so far it has contracted little of what it holds.
Key Facts
- What President Abelardo de la Espriella forced out the manager of Colombia’s earthquake rebuilding fund on 13 November 2026.
- Who next Luis Felipe Henao, a former housing minister, takes over the Miracle Fund (Fondo Milagro).
- Why A public row over high pay at the fund, on top of slow spending since the 10 August quake.
- Next Henao inherits about US$189 million approved, of which only about US$2.2 million is committed to contracts.
- Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.1 points (November 2026 edition).
In Plain English
The Miracle Fund is the state vehicle that channels money for rebuilding after the 10 August earthquake. Fiducoldex, a trust company, administers its money under a contract.
Ecopetrol is Colombia’s state-controlled oil company. Henao also sits on its board.
Why Did the Fund Lose Its Manager?
The pay of the fund’s staff became a public row, and the president acted. De la Espriella wrote on X that he had accepted the resignation and had asked for it.
Uribe was named on 21 August, so he held the job for less than three months. The fund has also been criticised for slow execution of the rebuilding money.
The cost of running the fund drew particular attention. Under its contract, Fiducoldex receives a monthly commission equal to 142 minimum monthly wages, about 248.6 million pesos (about US$75,000 at 3,300 pesos per US dollar), before sales tax.
Who Is Luis Felipe Henao?
Henao is a former housing minister and a member of the board of Ecopetrol, the state oil company. He now moves from corporate boardrooms to a fund under political pressure.
The president said Henao will lead and speed up reconstruction of the areas hit by the quake. In his words: “Our priority is that every peso translates into concrete results and opportunities for the families affected.”
How Slow Has the Money Been?
When the fund reported to Congress on Wednesday 11 November, it said it had about 624.7 billion pesos (about US$189 million) approved. Only about 7.4 billion pesos (about US$2.2 million), or 1.2%, was committed to contracts.
That gap is the test for the new manager. Our earlier reports followed why the fund stalled and how Uribe missed a congressional hearing that week.
What It Means for US Readers
Holders of Colombian bonds gain if faster contracting shows the state can spend recovery money, and lose if the fund keeps stalling while the bill for the quake grows. Our reporting on the reconstruction cost shows how large that bill is.
Travellers and expats in the quake zone should watch whether housing contracts speed up, since the fund exists to pay for rebuilding.
What Is Not Known
It is not known whether Henao will keep his seat on the Ecopetrol board while he runs the fund, or when he formally starts. The announcements do not give a target date for signing more contracts.
It is also unclear whether lawmakers will accept the change as an answer to their questions about the fund.
More: Colombia news in English, every day from The Rio Times.
Frequently Asked Questions
Who is the new manager of Colombia’s Miracle Fund?
Luis Felipe Henao, a former housing minister, was named on 13 November 2026 by President Abelardo de la Espriella. He replaces Jaime Uribe, who left at the president’s request.
Why did Jaime Uribe leave the Miracle Fund?
He resigned after a public row over high pay at the fund, and the president said he had asked for the resignation. Uribe had held the post for under three months, while the fund has also been criticised for slow spending.
Sources: Colombian Presidency, announcement on X, 13 November 2026; Fiducoldex, contract with the Miracle Fund, October 2026; Colombian Congress, joint House-Senate committee session of 11 November 2026; USD/COP close of 13 November 2026: about 3,302 (RT).
In depth
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error