Panama becomes full member of CAF

(Caracas, March 10, 2010). Panama’s compliance with the requirements for becoming a full member of CAF was announced by President & CEO Enrique García at the end of the XIV Extraordinary General Meeting, which was attended by Panamanian Minister of Economy and Finance Alberto Vallarino.

“The entry of Panama as full member of CAF reflects its evolution into a development bank for Latin America and the Caribbean, while CAF’s presence in Panama has been strengthened by the opening of an office in the capital in early 2009,” García said.

Since its entry as shareholder in 1997 Panama has maintained close relations with the institution. In 2008, an amendment to the CAF Establishing Agreement permitted the entry, as full members, of other Latin American and Caribbean countries with the same rights as the founders.

Since joining until the end of 2009 the total amount approved in Panama’s favor has been approximately US$1.06 billion, destined mainly to integration infrastructure and to other projects with non-reimbursable funds.

CAF is currently financing important activities in Panama, such as the Panama Canal Expansion and Road Rehabilitation and Improvement programs, the Pre-investment study of the Metro, and support for Banco Nacional de Panama. In addition, jointly with the government, operations are being proposed to strengthen the national electricity sector and social infrastructure in the field of water, sewerage and sanitation, among others. .