Panama: Financial Stimulus Program Beginning to be Used

Three financial companies have requested a total of $100 million from the Financial Stimulus Program, which up to now had not been utilized.

Tuesday, June 16, 2009

The three banks that requested funds from the Financial Stimulus Program (PEF), as confirmed by the executive of the National Bank of Panama, Darío Berbey, are firms with foreign and Panamanian capital. Due to issues of confidentiality, their names were not revealed.

In an article in Prensa.com: "The banker emphasized that, in collaboration with current BNP authorities, important steps have been taken in order for banks to have 'quick' access to the $610 million dollars that this program has."



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Rejection of Stimulus Program Conditions

May 2009

Panamanian banks will not use Financial Stimulus Program funds due to their terms and conditions.

The Banking Association of Panama, through its president, Mosi Cohen, told the new government’s transition team that banks have not and will not use Financial Stimulus Program (PEF) funds unless there is a change in the terms and conditions.

$500 Million Already Available for Panamanian Banks

April 2009

The $500 million contributed by the IDB for the financial incentives program will be available beginning on May 10.

The National Bank of Panama will manage the $500 million available to Panamanian banks through loans with two-year terms and an interest rate of 4.50%, with interests for LIBOR services at 6 months.

Panama: Terms for the Financial Stimulus Program Known

April 2009

The National Bank has announced the terms and conditions under which PEF loans can be accessed.

Bank Manager Juan De Dianous reported that the loans will be in terms of up to seven years and under the individual parameters of the three entities that have contributed funds.

Panama: Financial Stimulus Program is Ready

April 2009

The terms and conditions of the Financial Stimulus Program for banks to access the $1.11 billion are ready.

The banking industry has repeatedly indicated that for the program to be attractive, it should allow the use of funds without the submission of collateral. However, according to an article in Prensa.com, a government source said: "It is going to be difficult to omit this requirement [the filing of collateral] because the Government is responsible for the use of this money."

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Inversiones y Desarrollos, S.A.

Represents the Company RTS INTERNATIONAL, Inc. of Kansas Cyty, TX, USA, for the territory of Guatemala and Central America. RTS finance exports through Factoring system.
Operates in Guatemala
Phone: (502) 2369 5408 - (502) 5709 2986

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