$40 Million for Panamanian Metro

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

Friday, August 14, 2009

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.

More on this topic

Line Two of Panama Metro

July 2013

The work to be tendered next year will be 6.2 miles longer than the first line, having a total length of 22 kilometers.

The project cost is still unknown, however, it has been revealed that the original proposal by the Secretariat of the Panama Metro has undergone some modifications.

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.

Panamanian Metro Secures Financing

June 2010

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

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.

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.

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