Panamanian Metro Secures Financing

Four financial institutions have confirmed their interest in the Panamanian Metro project.

Tuesday, June 15, 2010


©image: Presidencia.gob.pa

Frank de Lima, vice minister of Finances, stated that the project has secured the necessary funding. The Inter-American Development bank is willing to contribute up to $600 million, the Andean Development Corporation $400 million, the European Investment Bank $240 million, and Citibank up to $250 million.

“If the Government applies for the maximum available, it would have the estimated $1.5 billion required for the project”, reported Prensa.com.

Source: Prensa.com

Key entities

Secretaría del Metro Inter-American Development Bank CAF European Investment Bank Japan Bank for International Cooperation

Countries

Panama

Insight

subway Panama subway financing Infrastructure and Construction

More on this topic

Initial Bidding Process for Panamanian Metro

August 2009

The Metro Secretary is looking for the project's main adviser, and for that it is preparing a technical cooperation agreement with the IDB and the CAF.

Such agreement will outline a process for choosing a head adviser for the project, who will develop, in conjunction with the Metro Secretary, the bidding basis for the construction of the metro.

$40 Million for Panamanian Metro

August 2009

The Metro project has $40 million assigned for 2010, in order to conduct preliminary studies.

This budget is financed by the Interamerican Development Bank (IDB) and the "Corporación Andina de Fomento" (CAF).

"The Metro Secretary has not yet defined routes nor cost. Neither has it started the bidding process", reports newspaper Prensa.com.

CAF Approves $ 400 Million for Panama Metro

March 2011

CAF approved funds for construction of Metro Line 1 in Panama City.

Enrique Garcia, CAF´s CEO, stated: "By supporting this project, CAF aims to significantly contribute to the improvement in the quality of life of Panamanians, especially those living in remote areas of the city center.

48 Companies Bidding for Panamanian Metro Consultancy

August 2009

Experts hired by IDB and CAF will choose the best six proposals next week.

Roberto Roy, Metro secretary, reported that once the six proposals are chosen, they will be evaluated and reviewed in a 30 day period.

He also said that "...by early October we could know who will be the main integral adviser of the project...", as reported by newspaper La Estrella.

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