CABEI grants US$450 million loan to improve road infrastructure in Panama
The loan will help develop the country’s strategic zones.
In 2018, CABEI approved close to US$741 million to promote the sustainable development of Panama.
Panama, December 10, 2018.- The Central American Bank for Economic Integration (CABEI) granted US$450 million in financing to the Project denominated, "Expansion to Six Lanes of the Las Playas Corridor, Stretch I La Chorrera-Santa Cruz.".
CABEI Executive President, Dr. Dante Mossi, and representatives of the Consortium denominated, “Consorcio FCC Corredor de las Playas I” signed the financing contract at the Regional CABEI Office in Panama.
During the event Dr. Mossi stated that this project will contribute to regional integration by improving and increasing the national paved road network, particularly this highway, enabling the improvement of competitiveness and tourism by reducing transportation time and cost.
This financing has the purpose of expanding 32.65 kilometers of the Las Playas highway corridor. The scope of the works involves the improvement of the cross section to six lanes, extending the width of the shoulder and maintaining the existing lane width in each direction.
The project is expected to benefit more than 500 thousand inhabitants of the Panama Oeste Province, of which 51% of the population is composed of women; it is estimated that the project will create 1,500 temporary construction jobs.
The construction of this road is expected to reduce average travel time by 50.00% and road maintenance costs by 85.00%.
In addition, the project aims to increase the flow of both national and foreign tourists, obtaining a positive socio-economic impact in the Project's target area.
As of November 2018, CABEI has approved US$741 million and disbursed US$281.4 million in resources that have been channeled to the areas of Energy, Human Development and Social infrastructure, and Agriculture and Rural Development.
Other attendees at the loan contract's signing ceremony included Panamanian Governor before CABEI, Mr. Rolando Julio de León de Alba; CABEI Director for Panama, Mr. Héctor Chinchilla; and Mr. Antonio José López Castro and Mr. José Liébana Alcantarilla from FCC Construcción S.A.
