$210 million credit for National Bank of Panama
The Andean Development Corporation granted the loan to "strengthen foreign trade" in the country, the multilateral organization reported today in a release.
Wednesday, December 3, 2008
"This approval is contained with the action program of the Corporation to deal with the current international financial situation," according to the document.
Panama has become a full member of the Corporación Andina de Fomento (CAF), having signed an agreement in which it has agreed to invest 170 million dollars of capital.
Fitch Ratings increased Panama’s Banco Nacional Long Term Rating to AA+ and ratified its short term rating at F1+.
The announcement was made by Enrique García, president of CAF, the Andean Development Corporation, while visiting the country.
The Andean Development Corporation (CAF) is offering the country a credit line for $1 billion, in order to fund infrastructure projects.
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