Recipient countries are Colombia with $ 43 million, United States with $ 14 million, China with $ 12 million and Nicaragua with $ 6 million, according to information from the Ministry of Commerce and Industry (MTI).
If this trend continues the country would send abroad a total of $ 240 million by the end of 2010, according to Noriel Salerno, CEO of MTI.
In an article, Laestrella.com.pa reports regarding funds received, "MTI data show that Panama received $ 98 million in the first half of 2010, representing an increase of 19 million over the same period last year."
Between January and July, Nicaraguans living abroad sent $509 million to the country, which is 9% more than in the same period in 2010.
Despite the economic crisis affecting the United States, one of the main destinations of choice for Nicaraguans seeking better opportunities, the money they send to their families in Nicaragua continues to grow.
Remittances, vital for the country's economy, saw a 4.5% increase, year-on-year in the first quarter of 2011.
On average, in the first quarter of the year the country received $286.6 million in remittances, 0.9% more than the figure recorded in the same period of 2010.
"Remittances are an important source of income for the Salvadoran economy, making up 16.3% of the annual Gross Domestic Product (GDP), equivalent to 76.7% of total export value and covering 40.1% of the value of goods imported," according to Elsalvador.com.
In August, total remittances received amounted to $409.5 million, 8.5% higher than in the same month in 2010.
In July remittances reported a decline of 9% compared to the same month in 2010.
According to the Bank of Guatemala, between January and August the total amount of remittances coming into the country was $2.934 million, 6.7% higher than the $2.748 million in the same period of 2010.
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In late 2005, AES began developing the Changuinola hydro power project and currently the project is in the phase of building the roadways to access that facility. The formal cornerstone laying ceremony took place on October 25, 2007.
The project's total completion represents an investment of approximately $563 million and the estimated date for the Changuinola hydro power plant to go into commercial operation is the first quarter of 2011. Through this new facility, AES contributes to the country's development and helps face the growing demand of energy in Panama, which requires an additional 50 MW each year.
The construction of the new Changuinola I Hydro Power Plant:
* is an asset to Panama
* will generate clean and 100% Panamanian energy
* will create opportunities for previously excluded populations
* will contribute to solve the country's energy situation
* will help Panama to continue growing
The construction and operation of the hydro power plant will be under the responsibility of AES, a multinational energy corporation with world-class standards and an active presence in Panama.
Operates in Panama
Phone: (507) 206-2600