Minciencias warns of irregularities in the management of $540 billion from Colfuturo's Credit Scholarship program

May 6, 2026

TL;DR

Minciencias has alerted about alleged irregularities in the administration of over $540 billion in public funds for the Crédito Beca program operated by Colfuturo.
The ministry filed a report with oversight bodies to initiate investigations into financial management issues.
Findings include a lack of account segregation between 2009 and 2022, with public funds co-administered with Colfuturo's own funds.
Financial returns of approximately $4.8 billion were distributed through an undocumented internal pro-rata.
Colfuturo failed to provide complete accounting information for the 2009-2016 period, involving over $247 billion, hindering fund management verification.
Portfolio management has deteriorated, with 93% of resources inactive by December 2024, compared to 94% invested in income-generating instruments in 2019.
A $7 million account remained inactive for over a year, resulting in an estimated loss of $2.755 billion in unrealized returns.
96% of the invested portfolio, about $99.938 billion, was concentrated in term deposits in Panama, a jurisdiction not specified in agreements.
Inconsistencies in reported financial information, including figure discrepancies and undocumented currency conversions, were noted.
These findings follow a previous fiscal record from the Comptroller General totaling over $3.3 billion for funds not returned promptly to the Fondo Francisco José de Caldas.

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