The proposal, which would ban companies from obtaining rights to use glacier waters, was unanimously approved by the lower house of congress.
The government measure will likely weaken state-run companies.
The Colombia's societies regulator imposed a US$1.8mn fine on the water group for allegedly paying bribes to public officials in Ecuador in 2016.
The regulator's head faces allegations of having favored the Brazilian company in projects like the expansion of the El Salitre wastewater treatment plant.
Part of the US$52mn in funds provided by the Global Environment Faculty will be used to deal with issues related to climate change.