Torrijos launches four-year plan to make Panama more competitive

©image: marlb0r0 man

The four-year "Impulso Panama" plan is being backed in its first stage with US$95 million of investment, of which 52.5 percent will come from the Inter-American Development Bank and 38.1 percent from the government. The private sector will contribute 7.7 percent, and Japan will make a 1.6 percent contribution that Torrijos said will be used to back indigenous communities.

Source: Prensa.com

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$1.1 billion for Panama banks

January 2009

President Martin Torrijos announced that his government will create the fund to help local banks which are having problems accessing international markets for credit.

Dialogociudadano.com reports: "Torrijos said in a discourse that the fund will be established with loans from the Andean Development Corporation (CAF) and the Inter-American Bank (IDB) as well as from the National Bank of Panama, in order to provide help to banks in the country with cash problems, in case it is needed.

$500 Million Already Available for Panamanian Banks

April 2009

The $500 million contributed by the IDB for the financial incentives program will be available beginning on May 10.

The National Bank of Panama will manage the $500 million available to Panamanian banks through loans with two-year terms and an interest rate of 4.50%, with interests for LIBOR services at 6 months.