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IDB Considers Loan To Finance Panama Canal Expansion,
by Mike Godfrey, Tax-News.com, Washington
Tuesday, September 23, 2008
The Inter-American Development Bank (IDB) announced at a forum on Monday that
it is considering a USD400mn loan to help finance the Panama Canal Expansion Program.
The announcement was made by the IDB's president, Luis Alberto Moreno, at a
breakfast forum hosting President Martin Torrijos of Panama.
"Our interest in this project demonstrates our confidence in the economic
transformation that you (President Torrijos) have been leading during your administration,"
Moreno announced.
Moreno emphasized that Panama, under the leadership of Torrijos,
has achieved impressive economic growth and performance, which has made it possible
for the country to undertake the historic expansion project.
Moreno also highlighted the sound financial management and the technical quality
of the Panama Canal Expansion Program, which has helped the IDB in considering
financing the said project.
"The IDB's announcement signifies that Panama is on the right track. As
a country, we have laid the foundation that helps to make the expansion project
possible. In addition, this loan consideration reinforces the bank's trust and
confidence in the Panama Canal Authority," explained Alberto Aleman Zubieta.
"Determining the financing structure for the Canal's expansion is a critical
part of the process, and we appreciate all of the interest received thus far,"
he added.
Expansion will build a new lane of traffic along the Panama Canal through the
construction of a new set of locks, which will double capacity and allow more
traffic and longer, wider ships.
Recently, the ACP received its first-ever investment grade rating. Moody's
Investors Services, one of the world's top credit rating agencies, gave the
ACP an A1 as a government related issuer, and a prospective A2 investment grade
for the possible USD2.3bn financing for the expansion project, thus reaffirming
Panama's growing presence in the global marketplace.
Since July 2007, the ACP has been approaching financial institutions to determine
the most viable financing for the waterway's Expansion Program. The process
began in Panama and continued with presentations to a number of financial institutions
in New York, Washington, Hong Kong and London.
President Torrijos is currently in Washington, D.C. for the "Panama Forum"
- a gathering of business executives and investors to share success stories
on why they have chosen Panama as an investment location.
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