CABEI approves US$145 million to improve road connections between Panama City and the interior of the Republic
More than 50,000 users per day travel along the Pan-American Highway at La Chorrera, the only road that connects the capital with the interior provinces.
Seúl, July 7 th, 2022.- With the objective of supporting road safety and reducing Panamanians' travel times, the Central American Bank for Economic Integration (CABEI) approved US$145 million to finance the "Beach Corridor Project," located in the district of La Chorrera.
The development and improvement of this segment of the Pan-American Highway aims to support the progressive increase in traffic by repairing the road with new paving, accompanied by the construction of a viaduct.
CABEI Executive President, Dr. Dante Mossi, stated, "We are pleased to support this important initiative for more than 2.5 million Panamanians who use this highway as the only way to communicate with the interior of the country and the capital city, generating savings in time and fuel, as well as greater dynamism for the economy and the logistics sector.
With this operation, CABEI reaffirms its strategic role in the fulfillment of two of its 2020-2024 strategic axes in benefit of Human Development and Social Inclusion, and Sustainable Competitiveness in the region's countries.
The financing conditions are established for a six-year term and an indicative fixed annual interest rate of 4.75%.