Colombia awarded a 2.5 trillion peso ($1.33 billion) contract to a consortium led by Brazil's Odebrecht SA on Friday to improve navigability on the Magdalena River, which the Andean nation has long planned to exploit for cargo transport. Odebrecht will have an 87 percent stake in the joint venture, called Navelena. Navelena was was the only bidder for the contract, which covers a 908 km (564 mile) stretch of the Magdalena, which flows north to the country's Caribbean coast from the southern interior. Colombian construction firm Valorcon holds the remaining stake in the joint venture, Odebrecht said in a statement. The project, focused on building navigation channels in shallower stretches…