That is a very weird connection. I have gone to CLO many many times but always as my arrival or departure, never as a connection.

When I have arrived from an international flight, you immediate go through immigration. I don't recall a way to stay in transit (i.e. not entering Colombia). So be prepared for that. If you are checking luggage, I'm not sure if it will be transferred automatically, or if you have to pick it up in the baggage claim and go through customs.

Looks like you are *G, so you can check in to the CLO-MAD flight. Hopefully your flight is not delayed because 2 hours is really pushing it (going through immigration, getting luggage if you need to and then checking in). Be prepared for a long line in immigration again, plus security. Hopefully you will have time to head to the Avianca lounge which is decent. It is just right after security.

I would check with Avianca to see what the situation would be here.

Good luck! And please report back. I'm curious.