CABEI disburses US$23 million to benefit 2.5 million Panamanians for the Beach Corridor project, the only road connecting the capital with the country's interior
This key initiative for the country generates 600 direct temporary jobs, 15% of which are women.
Panama City, April 26, 2023.- On the eve of its next Ordinary Board of Governors Meeting and reaffirming its commitment to the social and economic development of its member countries, the Central American Bank for Economic Integration (CABEI) made the first disbursement of US$23.23.0 million, through an innovative partial payment accounts (PPAs) scheme, for the progress of works on the Beach Corridor Project, an initiative that will reduce travel time on the only road connecting the capital with the interior of the country and the beach area.
The new project, which includes the construction of a 1.72 kilometer-long viaduct and the rehabilitation of 4.42 kilometers of road, starting in the La Espiga sector of the La Chorrera highway and ending in the Hacienda Los Calderones area, is 26.4% complete and is expected to benefit more than 2.5 million people directly and indirectly, reducing their travel times and strengthening their road safety.
"We are pleased to note the progress of this important project in our partner country Panama. We are convinced that the modernization of road infrastructure in the region contributes to the well-being of people, the development of communities, and the creation of employment and social opportunities, which is in line with our Human Development and Sustainable Competitiveness strategic axes," said CABEI Executive President, Dr. Dante Mossi.
CABEI recognizes the importance of the Beach Corridor Project as a necessary project and the response expected by a population with sustained growth. The proximity of this new viaduct to the metropolitan area will bring greater dynamism to the economy and the logistics sector, and its completion is projected for the end of 2024.
El BCIE reconoce la importancia del Proyecto Corredor de Las Playas como un proyecto necesario y la respuesta esperada por una población con un crecimiento sostenido. La cercanía de este nuevo viaducto con el área metropolitana impregnará mayor dinamismo a la economía y al sector logístico, y su culminación está proyectada para finales del año 2024.