Consulting company C4T presented the government a project to develop a touristic complex at the former Sherman air base.
Company spokesperson Jordi Marcé noted that the project requires an investment of $180 million, and would generate over 1.000 new jobs.
“We have considered all the possibilities and talents of the area”, explained Marcé, who remarked that the initiative is geared towards ecologic tourism and will imply new infrastructure connecting the area with the city of Colón.
Authorities expect construction to begin in 2011 and that it will be ready in 2013.
Panama's Economy and Finance Ministry (MEF in Spanish), has held a preliminary meeting to discuss the $8 million contract, which includes conceptual design, draft architectural plans and technical specifications for the Financial Tower.
"At the meeting the minister, Alberto Vallarino, stated that the project must be structured in a way that ensures its construction can begin next summer, at the very least the car parking areas and perimeter walls," reports Prensa.com.
The government bill to regulate PPPs is now being reviewed by several sectors.
The law would regulate the role of the state in these associations, determine the involvement of private companies and define the contract and tender process.
"The government's contribution to the PPP would be through the payment of monies, concession of specified assets and the granting of rights on state-owned public property," reports Prensa.com.
The $13 billion budget presented to the General Assembly is almost $2.5 billion more than in 2010.
The article in Laestrella.com.pa reports that Panama's Minister for Economy and Finance, Alberto Vallarino, commented that, "of the $13 billion state budget, almost $6 billion (46% of the total) will go towards social welfare projects including the National Development Convention and fund sectors such as health, education, housing, transport, tourism as well as small and medium sized businesses".
The Panamanian government has authorized the National Highways Company (ENA) to issue $970 million worth of debt.
The government's aim is to minimize its contribution to the capital required to acquire 100% of the shares in PYCSA and ICA, the companies holding the highway concessionss known as the north and south corridors ("Corredor Norte" and "Corredor Sur" in Spanish).
The Government has identified, in terrains close to the Canal, new sources of funding to support its five-year investment plan
These 3.000 hectares of state land would have an estimated retail value of $3 billion.
"That was the detail provided by the Minister of Economy and Finance, Alberto Vallarino, in his speech yesterday at the XIX Convention National Banking, where he discussed funding opportunities for investments included in the Strategic Plan of the Government, which totals $ 13.6 billion".
The reason would be Panama’s permanence in Fance’s tax-haven list, said the entity.
In a letter to the Panamanian Banking Superintendence (SBP), the banking institution explains that another reason would be the presence of Panama in the tax haven list of the Organization for Economic Co-Operation and Development.
“Alberto Vallarino, Panamanian Finance Minister, requested a meeting with the local authorities of the bank, to ask for explanations and remind them that Panama has just concluded negotiating a double taxation agreement with France”, reported Elfinancierocr.com.
The government announced it will invite bids for designing the plans of the Government City.
This project comprises constructing institutional buildings, the financial tower and areas for residential, commercial and office development.
Alberto Vallarino, Economy Ministry, remarked that “part of the project will be financed by selling lots”, and that the entire cost of the project is not known yet.
The new conventions center will replace the existing one at Atlapa, will be built in Barraza, and is scheduled to open on 2013.
Alberto Vallarino, Economy Minister, remarked that some of the funds required to build the new center will be obtained by selling Atlapa Conventions Center.
This new structure will be located over a landfill created through reclamation.
Architecture studio Skidmore, Owings & Merril presented their initial design for the proposed building “Torre Financiera” (Financial Tower).
The government will build it in the location of the former U.S. embassy in Balboa Avenue, and it will house all the State’s economic and financial institutions.
Its proposed elliptical design is not the first of its kind. The Agbar tower, inaugurated in 2005 in Spain, is very similar.
The government established that the tax paid for horizontal property real estate will be unified at 1%.
It will be applied retroactively from January 1st, explained Alberto Vallarino, Finance Ministry, who acknowledged that a number of homeowners paid more than 1%, due to a misunderstanding of the reform.
“Those who paid more will receive a credit, in the same way as we did with those who had paid the income tax with the rate in place before the tax reform”, reported Prensa.com.
The Government will put out the tender the construction and administration of two mega ports in the Pacific coast area.
Alberto Vallarino, Economy Minister, explained that one of the terminals would be located north of Panama Ports, while the other would be constructed at Rodman.
He added that the Rodman project would use soil extracted from the Canal expansion project, reported Laestrella.com.pa.
Representatives from Standard & Poor’s and Moody’s will visit Panama to meet with government authorities and private sector representatives.
Authorities will first meet with Standard & Poor’s delegates, and on May 25 they will do the same with Moody’s executives.
“With S&P they will discuss how to take the Panamanian case up to the central rating committee and trying to improve the country’s current rating of BB+ Positive”, reported Laestrella.com.pa.
The district of Penonomé, located in the province of Coclé, was chosen as the most suitable location for building a new airport.
Authorities from the Economy and Public Works Ministry inspected the area and concluded that Penonomé complies with most of the requisites to host a new airport.
The project will cost between $80 and $100 million, and it will be put out to tender sometime in early 2011, once its location is officially confirmed.