E.A. stands for Efectivo Anual, Colombia's effective annual rate and the standard way an annual rate is quoted there. You see it as a number followed by the letters EA.
It is «effective» because it already accounts for compounding: it states the result of a full year in a single number, given that what is generated in each period goes on to generate in the next. That is why two rates only compare directly when both are expressed as E.A.
Converting it to a monthly rate. It is not a division by twelve. It uses the twelfth root:
monthly rate = (1 + E.A.)1/12 − 1
As arithmetic, unrelated to any project: 12% E.A. works out to 0.9489% per month. In the other direction:
E.A. = (1 + monthly rate)12 − 1
Every official reference in Colombia is published as E.A., including the current banking interest rate the Financial Superintendency certifies each month.
Each Circular Urban project sheet shows its projected E.A. before you formalize anything. It is a non-binding reference projection, built on the project's operating assumptions: the outcome of your participation is subject to the project's actual performance and to the terms of the participation agreement.
Seeing it before you decide is part of the point. Understanding what you are looking at is the first step.