Avianca is to provide the first direct flights from the UK to Colombia for nine years.
It will offer four flights a week from Heathrow Terminal 2 to Bogota, starting in July.
Heathrow said the deal had taken five years to come to fruition, having started talks with the airline in 2009.
It has been waiting for suitable take-off and landing slots, it said.
Heathrow, which is pushing for the government to give permission for a third runway, said Avianca’s experience echoed those of China Southern, which had to wait seven years for slots to Guangzhou and Aeromexico which waited four years for slots to Mexico City.
Colin Matthews, Heathrow chief executive officer, said: "We are delighted that Avianca is coming to Heathrow this summer. The world’s economic centre of gravity is shifting and Britain needs to capitalise on links to fast growing economies like Colombia.
" We would like to welcome more flights bringing trade and jobs to the UK but a lack of hub airport capacity means we are less well connected than we could be."
Fabio Villegas, CEO for Avianca, said: "The new Heathrow-Bogota route will be a huge boost to trade and tourism between the UK and Colombia. We’re particularly pleased to be operating from Terminal 2, which will offer both world-class facilities and vital network connectivity between us and other members of the Star Alliance."
