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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

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