CAF Approves $ 400 Million for Panama Metro

CAF approved funds for construction of Metro Line 1 in Panama City.

Wednesday, March 16, 2011

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. The metro will reduce their travel time, contribute to the mitigation of pollution generated by current transportation and facilitate other activities which take place in the city with a positive impact on levels of competitiveness."

Over the last five years CAF has approved operations for $ 1.312 million in Panama. Specifically in 2010 the bank approved two loans with positive environmental impact, such as the Sanitation Project of the City and Bay of Panama and the Investment Program for Water and Sanitation of the Province of Panama.

More on this topic

$100 million for Panama Metro

November 2012

The CAF (Development Bank of Latin America), announced the approval of an additional credit line of $100 million for work on the Metro.

With the new loan, CAF's participation in the project rose to $500 million, or 27% of the total costs of the works.

The chief executive of the CAF, Enrique Garcia, during a visit to the construction of the Metro said, "High-tech projects require large investment resources.

Panama Modifies Bidding Rules for Metro

January 2010

The Metro Secretary announced that the updated bidding rules can be downloaded from PanamaCompra since yesterday.

These modifications were included by request of some of the companies interested in developing the Metro System of Panama City.

Roberto Roy, Metro Secretary, was quoted in Prensa.com: “we modified the rules to ease the liquidity and indebtedness ratios … we reduced the importance given to local experience, from 13 to 8, out of a total 130 points”.

$40 Million for Panamanian Metro

August 2009

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

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.

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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