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HISTORY
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1989
The Cocoa Export Price Stabilization Fund – FEPEC- was created in the year 1989 by Decree 1226, in development of Article 3 of Law 48 of 1989.
The Fund was established with the resources of the following entities: National Rehabilitation Plan, National Federation of Coffee Growers and Export Promotion Fund-PROEXPO, entities that contributed the sum of $200,000,000.
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1992
Through Public Deed No. 8851 dated November 5 de 1992 of the First Notary Public of Bogotá. Mercantile Trust Agreement entered into between the Foreign Trade Bank Bancoldex, on behalf of the Nation and the Foreign Trade Trustee Fiducoldex SA through which the trust or autonomous patrimony for the promotion of PROEXPORT COLOMBIA exports is constituted.
The resources administered by PROEXPO at that time (November 05, 1992) amounted to the sum of $ 239.783.434.20 y US $_cc781905-debb-31-5 -136bad5cf58d_65,000.
Subsequently, during the period between the years 1995 and 1998, resources were received from the National Budget for a total amount of_cc781905-5cde-3194-bbdba_bb3b-1586 $ 782,542,875.
1993 - 2000
Between the years 1993 and 2000, the Fund had a constant flow of resources, coming from assignments and compensations, fulfilling its main objective of stabilizing export prices.
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2008
In May 2008, the Cocoa Export Price Stabilization Fund was transformed into the Cocoa Price Stabilization Fund – FEPCACAO-, through Decree No. 1485 of 2008 under the terms of Chapter VI of Law 101 of 1993.
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Decree 1485 of 2008
According to Decree 1485 of 2008 by which the Cocoa Price Stabilization Fund was transformed, it will be managed, through a contract, by the entity defined by the Ministry of Agriculture and Rural Development under the terms of article 37 of Law 101 of 1993.
2009
In the ordinary session of the Directive Committee No. 68 of December 17, 2009, the members of the committee were informed of the decision of the Ministry of Agriculture and Rural Development to appoint FEDECACAO as the new Managing Entity.
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2013 - 2014
During the period between 2013 and 2014, the Price Stabilization Fund applied the methodology carrying out compensation operations where a total of $1,328,876,322 was paid, no assignment was generated.
2014
In 2014, the Stabilization Fund Steering Committee unanimously decided to stop the methodology, considering that it did not guarantee the fund's own stability.
2015
On December 31, 2015, the Ministry of Agriculture and Rural Development renewed the administration contract with the National Federation of Cocoa Growers for six months, during which period a new methodology should be adjusted and presented to the Steering Committee for approval.
2016
In ordinary session No. 103 of June 16, 2016, the Steering Committee approved the methodology presented by the Administration, which was ratified in ordinary session No. 104 dated July 29, 2016.
September 1, 2016
A starting on September 1, 2016, the transfer or compensation operations for cocoa exports began, through the approval by the Steering Committee of an item of $281,250,000 and a quota of 3,500 tons.
2016
As of the Third Quarter of 2016, the Stabilization Fund had $10,345,180,675 as a stabilization reserve.
2010
On January 26, 2010, contract number No. 20100055 was signed between the Ministry of Agriculture and Rural Development and the National Federation of Cocoa Growers for the administration of the Cocoa Price Stabilization Fund – FEPCACAO.
Article 37 of Law 101 of 1993
In accordance with article 37 of Law 101 of 1993. The Funds for the Stabilization of Prices of Agricultural and Fishery Products that are organized from the validity of Law 101 will be administered, as a special account, by the union entity that administers the Fund of the corresponding agricultural and fishing subsector.
These Funds may also be administered by other entities or through fiduciary contracts, in accordance with the decision made by the Ministry of Agriculture for this purpose.
steering Committee
Since the Price Stabilization Funds are a special account, which do not have legal status, they require an administrative entity, which according to the guidelines drawn up by the Steering Committee; may issue acts and administrative measures and sign the contracts or special agreements necessary for the full compliance with the objectives of the Funds.