USD 100 million loan for Line One of the Panama Metro
The 15-year loan has a grace period of two years starting with the validity of the contract.
The Panama Metro will provide significant savings in travelling times for citizens, resulting in greater productivity and effectiveness in Panama City.
(Panama, April 4th, 2014) CAF - Development Bank of Latin America, the Metro Secretariat, and the Ministry of Economy and Finance, signed a USD 100 million loan for Line One of the Metro, which is part of a financial support that the Organization provides to this important infrastructure project.
The 15-year loan has a grace period of two years starting with the validity of the contract.
The contract was signed by CAF's Executive President, Enrique Garcia, the Minister of Economy and Finance, Frank De Lima; and the Minister of Canal Affairs and Executive Secretary of the Panama Metro, Roberto Roy.
Enrique Garcia, Executive President of CAF, pointed out that, "with this financing, CAF moves alongside the projects that the Panamanian Government advances to benefit its citizens. Currently, the financial Institution finances the construction of three Metro-type systems in Lima, Panama, and Quito, cities that for the first time, will have this type of transportation".
The entry into operations of the Metro will provide savings in travelling times for citizens, as well as for users of other types of public transportation. As a result of the lower congestion in the main road corridors, public and private transportation vehicles will suffer less wearing and accidents will be reduced. In addition, this type of mass urban transportation project has a positive and important effect on the emission of contaminating gases.
The trace of Line One is mostly in a North-South direction, and joins the National Bus Terminal, in Albrook, with the Los Andes Shopping Center in the northern part of the Metropolitan Area in Panama City, and has a length of approximately 13.7 kilometers.
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