Line 2 of the Panama Metro receives CAF cooperation

(Panama, October 13, 2013).-Enrique Garcia, Executive President of CAF, Development Bank of Latin America, subscribed a technical cooperation agreement with Roberto Roy, Minister for Canal Affairs and Secretary of the Panama Metro, and Frank de Lima, Minister of Economy and Finance, for the development of feasibility studies for Line 2 of the Panama Metro.   

CAF's Executive President pointed out that " this technical cooperation goes hand in hand with the projects that the Panamanian government advances to benefit the quality of life of its citizens", adding that "CAF has developed a large experience on the subject of urban mobility, as we understand that the solutions to this problem directly benefit a large majority of the Latin American population, which today is 80 percent urban. Currently, the Institution finances the construction of three Metro type systems in Panama, Lima, and Quito, cities that for the first time will have this transportation system".                    

At the same time, the Executive Secretary of the Panama Metro, Roberto Roy, expressed his gratitude for the Institution's support to this important project which will provide continuity to the transformation of Panama City. Minister Roy highlighted that "the signature of this agreement represents a permanent commitment between the Metro's Secretariat and CAF. For us it is an honor to have the financial support of this organization which, from day one, believed in our work and shared with us the commitment of building a Metro system in Panama City".  

With the construction of the Metro, citizens and users of other public transportation systems will save time in travelling. In addition, as a result of the lower traffic congestion in the main road corridors, public and private transportation vehicles will experience less wear down and accident rates will be reduced. 

This support by CAF is in addition to the USD 400 million approved by this development bank for the project under execution of the construction of Line 1 of the Panama Metro.