Environment, trade, agriculture, and logistics, CAF's contributions to the Panama Canal
In addition to the USD 300 million in financing for the construction phase of the expansion of the Panama Canal, CAF, Development Bank of Latin America, provided knowledge and support to reduce the carbon footprint, define the logistic road map, and promote the productive development of the coffee growers of the canal's basin, among others.
Three years after the formalization of the commitment of CAF, Development Bank of Latin America, with the project to expand the Panama Canal, and with the inauguration of the new locks coming up, economic, social, and cultural initiatives have been incorporated to the project as part if the Institution's mission in the region.
Among the contributions made by CAF to the Panama Canal regarding competitiveness, two stand out: a loan for the construction of the expansion project for USD 300 million, and non reimbursable technical cooperation to strengthen the logistic development of the inter-oceanic route. This initiative included the development of a logistic profile for Panama, and a road map to follow as the base for the growth of Panama and the canal integrated to Latin America and the world.
Enrique Garcia, CAF's Executive President, commented, "The Panama Canal, as a commercial link between the world and the Americas, is an asset that will promote progress in Panama and the rest of the region. Promoting its sustainable growth is of vital importance to encourage productive transformation in Latin America, as a key factor to counteract the current challenging economic and social global trends."
Another area of action for the Institution in Panama includes initiatives related with the development of the agricultural industry. In this line, and under the umbrella of the support to the Panama Canal, a non-reimbursable technical cooperation was established for the productive empowerment of coffe growers in the canal's basin, directly impacting on 90 families who increased their incomes by more than 30 percent.
The environmental aspect must be added to the resources mentioned before. This aspect is strenghtened through the non-reimbursable technical cooperation to address issues related to the canal's carbon footprint starting in 2013, and the development of an action plan that will enable greater control of the measurements of greenhouse gas emissions.
The pillars strengthened by CAF in the framework of the project to expand the Panama Canal include the development of infrastructure, logistic competitiveness, support for the socio-economic development of the community, and environmental best practices. This project, which is currently a reality, was carried out jointly with the Authority of the Panama Canal.
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