Toshiba has expressed interest to the Government of El Salvador in investing in the energy sector.
From a press release by the Ministry of Foreign Affairs of El Salvador:
The Deputy Minister for Development Cooperation, Jaime Miranda and the Technical Secretary of the Presidency, Alexander Segovia held a meeting today with a Japanese business delegation which has shown interest in promoting investment projects in the national energy sector.
Spain's Royal Academy defines a "White Elephant" as something that is "expensive to maintain and has no useful purpose". Like the Port of La Union.
Without ever taking off to become the port that was promised, La Union can now add to its dismal history the increased cost of funding due to the differential between the dollar – the currency in which the meager income of the port is received - and the Japanese yen, the currency in which the loan was negotiated with the Japanese Bank for International Cooperation (JBIC) to build it.
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.
The inaugurated port remains inactive, and both Japan and the World Bank are helping for defining a concession model.
The new port is currently inactive, as there is still no definition regarding how to give it under concession to an operator. In light of this, technicians from the International Finance Corporation (IFC) are in the country gathering information about the port, in order to help design a solution.
$185 million were spent in the construction of port that is inoperative, and nobody knows when it will operate...
Industrial engineer Carlos G. Romero analyzes the situation in an article published in Laprensagrafica.com. He promises a second chapter, to expand the explanation of the multiple topics revolving around the situation.
Once the credit is approved by the Panamanian Congress, phase II and III of the project would start, generating 3.000 jobs.
The extraordinary $42 million loan, given to the Health Ministry for cleaning up the Panama Bay will go to the National Economic Council for consultation. It will be funded by the $167 million credit given to the State by the Japan Bank of International Cooperation (JBIC).
Costa Rica is negotiating a $50 million loan with the IDB for the construction of a sewage treatment plant.
Ricardo Sancho, president of the Institute of Aqueducts and Sewers (AyA) of Costa Rica reported that the institute is holding discussions with the Inter-American Development Bank (IDB), seeking to ensure funding for the plant which will serve 1.6 million customers.
JBIC, as the state bank is known, will offer $400 million, and Mitsubishi UFJ and Sumitomo Mitsui will provide another $400 million.
The Japan Bank for International Cooperation, the state-owned overseas lender, said it will sign an $800 million syndicated loan for the expansion of the Panama Canal that will help Japan boost trade with the Americas.
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