IDB Paves The Way In Panama

The Inter-American Development Bank (IDB) has granted a $70 million loan to Panama for the first phase of a program to improve the country’s road infrastructure and increase its competitiveness by cutting costs and travel time for passengers and cargo. The loan is for a 20-year term, with a six-year grace period and a variable interest rate. Panama will invest $35 million in the first phase of the program. The IDB may approve loans totaling $100 million for the following two phases, in which Panama would invest an additional $70 million. The program will be carried out within the framework of the Plan Puebla Panama regional integration effort.