One step closer to opening a CABEI office in Panama
The new offices will open commercial doors to benefit the region.
Panama City, October 3, 2017.- The Central American Bank for Economic Integration and Panama signed an Agreement for the establishment of a CABEI regional office in this Central American country. This is part of CABEI's commitment to the portfolio diversification process, which will involve a significant streamlining of the Bank’s operations.
The agreement was signed by CABEI Executive Vice President, Attorney Alejandro Rodríguez Zamora, and Panamanian Vice Minister of Foreign Affairs, Mr. Luis Miguel Hincapié. During signing ceremony, Attorney Zamora stated that the new regional office is a key part of the plan for the geographical diversification of CABEI’s portfolio, which will strengthen the Bank’s institutional equity and enable it to further enhance its creditworthiness in compliance with the provisions established in the CABEI 2015-2019 Institutional Strategy.
The new regional office, which is expected to open during the final months of the year, will provide a strong boost to the Bank’s regional operations and further strengthen its position of relevance in the countries of the region.
Panama has been a CABEI member country since November 28, 2006 and was listed as a Non-Founding Regional Member, subsequent to a share capital increase in 2016. Since its founding and through the close of September 2017, CABEI has approved US$859.8 million to Panama and disbursed US$270.6 million over the same period in development interventions that seek to improve the quality of life of the country's inhabitants.
Noteworthy Projects
Natural Gas Plant in Panama
The project involves the construction, installation, startup and operation of a 380 MW natural gas power plant and a LNG storage terminal; the first regional liquefied natural gas plant will begin its operations in 2018. The facility granted by CABEI amounts to up to US$140.0 million under the syndicated loan mode.
Sanitation of Panama Bay
The project will enable the collection, conduction and final treatment of wastewater in order to reduce pollution levels in rivers, streams and the Panama Bay. CABEI will participate in the project through the granting of US$100.0 million in financing to the Panamanian Ministry of Economy and Finance.
