CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

CAF grants 513 mln USD loan for Panama

06-14-2011 13:40 BJT

PANAMA CITY, June 13 (Xinhua) -- The Andean Development Corporation (CAF) and the Panamanian government on Monday signed a financial agreement for three loans worth 513 million U.S. dollars for Panama's infrastructure projects.

The agreement was signed by CAF president Enrique Garcia and Panamanian Economy and Finance Minister Alberto Vallarino, with the presence of Panamanian President Ricardo Martinelli.

Most of the loan -- some 400 million dollars -- will go to the Panama City subway project while another 100 million dollars will be used to expand and improve the drinking water system. The remaining 13 million dollars will be allocated to aid victims of natural disasters.

"These projects are part of a plan carried out by the national government aimed to optimize the quality of life for the Panamanians and in that sense it is framed in the integral development agenda promoted by the CAF from and for Latin America," Garcia said.

The credit has a payment term of 15 to 20 years.

Martinelli said the new loans will contribute to Panama's development and serve as a "financial bag" which arrived "on very favorable conditions for Panama."

The CAF is a multilateral financial institution consisting of 18 Latin American, Caribbean and European countries and 14 Andean private banks, and aims to support the sustainable development and regional integration.

 

 

 

Editor:Zheng Limin |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program