$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


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"This approval is contained with the action program of the Corporation to deal with the current international financial situation," according to the document.

Banconal, the official financial entity of Panama created in 1904, is the country's third largest bank and since 1979 it has carried out other functions such as collecting and distributing the dollars in circulation.

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Panama joins the CAF

July 2008

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.

This, together with the 25 million dollars it invested in 1997, will bring its total investment to 195 million dollars, as well as guarantee capital of an additional 36 million dollars.

Fitch Increases Banco Nacional Rating to AA+

April 2010

Fitch Ratings increased Panama’s Banco Nacional Long Term Rating to AA+ and ratified its short term rating at F1+.

Its long term outlook is “stable”.

Banconal’s rating was increased following Fitch’s upgrade of
Panama’s soverign rating to “BBB-“. Such upgrade reflected sustained improvements in Panama’s public finances, strengthened by recent tax reforms and its resistance to the global economic crisis.

CAF Will Open Regional HQ in Panama

October 2009

The announcement was made by Enrique García, president of CAF, the Andean Development Corporation, while visiting the country.

From the Presidency of Panama: "With the installation of this office in Panama, CAF's financial and technical support for our country will increase. It will also be a complement for the International Banking Center".

Panama: $1 Billion from CAF

October 2009

The Andean Development Corporation (CAF) is offering the country a credit line for $1 billion, in order to fund infrastructure projects.

This credit line is for the next five years, reported Omar Castillo, budget director at the Ministry of Economy.

Manuel Luna writes for Laestrella.com.pa: "CAF has already disbursed $54 million for the Metro Secretary.

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