CABEI allocates US$1.16 billion with high social and environmental impact in Panama
The initiatives will contribute to the reactivation of the economy, generate development and welfare of the Panamanian population.
Panama City, November 27, 2020. The Central American Bank for Economic Integration (CABEI) has allocated close to US$1,160.0 million of its loan portfolio to finance educational and research projects, water and sanitation, road infrastructure, natural gas, economic measures against the COVID-19 Pandemic and development policies for the Republic of Panama.
In a virtual press conference, CABEI's Executive President, Dr. Dante Mossi mentioned "that these actions are a sample of CABEI's commitment to continue supporting the region's countries with financial products and services that allow them to improve their attraction, diversify their portfolio to be able to grant more resources with better financial conditions and open business opportunities.”
Within the group of CABEI projects in Panama, there are: the Design, Construction and Equipment of the facilities of the Gorgas Memorial Institute for a total amount of US$70.0 million; the Sanitation Program of the Districts of Arraijan and La Chorrera for a total amount of US$100.0 million; the Beaches Corridor Project, Section 1 with a total fund of US$450. 0 million; the Atlantic Natural Gas Central Power Generation Project (GANA) and the North Coast Regasification Terminal (CONO), for a total amount of US$ 140.0 million, the latter already concluded, a "Loan for the Partial Financing of Economic Compensatory Measures Implemented by the COVID-19 Emergency for US$ 150.0 million and; the Development Policy Operation in Response to the Pandemic and Growth Recovery in Panama, for a total amount of US$250.0 million.
He indicated that Panama is a key piece in the diversification of the Bank's portfolio, "the projects in execution and in process are focused on the economic reactivation of this partner due to the impact of the COVID-19 pandemic, these resources are destined to the generation of employment with gender equity, attention to the most vulnerable groups, and investment in infrastructure."
He stressed that the programs and projects in the country have a positive impact especially in sectors such as tourism, environment and logistics in Panama, which are expected to contribute to regional integration.
The operations financed by CABEI in Panama are oriented to promote strategic sectors such as: Energy, Human Development and Social Infrastructure, Agriculture and Rural Development
Panama has been a member state of CABEI since November 28, 2006 and is listed under the category of Non-Founding Regional Partner after an increase in share capital in 2016.