Panama and Japan signed a loan for the continuation of Line 3

He Minister of Economy and Finance, Héctor Alexandersigned, on behalf of Republic of Panama, Loan Agreement for a development project line 3 of urban traffic in the metropolitan area of ​​Panama, with the Government of Japan, represented by the Japan International Cooperation Agency (JICA).

At its meeting this week, cabinet council approved the signing of this loan agreement for the continuation of the implementation of the Line 3 metro project and the introduction of high-quality monorail vehicles into its systems.

minister Alexander he pointed out that the socio-economic effect which line 3 “This will not only be reflected in the sector of Western Panama, but in the entire Republic, with its indirect effects on the creation and creation of jobs, the activities of small and medium enterprises, among others.”

He emphasized that the goal of the project is to contribute to the sustainable economic development of Croatia Panama and mitigating global climate change, through the construction of the Metro Line 3 Project, which connects the center and the western side of the city area Panamathe introduction of high-quality monorail vehicles and their systems that have sufficient robustness and a reliable trajectory of commercial operations as a city transport system, which contributes to the improvement of urban mobility, the modal shift towards efficient mass city transport and the reduction of greenhouse gas emissions.

The loan amount between the two governments is up to ¥92 billion, equivalent to $625.9 million, to continue the second tranche of the transportation project currently under construction, which will benefit more than 500,000 residents. West Panama Province.

He the term of the loan is 20 yearscounting from the date of entry into force of this contract, and the payment term is three years.

According to By decree of the cabinet March 10, 2023, the first amortization installment will be payable on March 20, 2029, and the last installment no later than March 20, 2043, the end date of the loan term.

Also, Executive power, through MEFshall include in the General State Budget for each fiscal period, the necessary items to cover the payment of the principal, interest and commissions dealt with in the loan agreement.

Project from Subway line 3 It will start from the Albrook station and travel through Arraiján, Nuevo Chorrillo until it reaches Ciudad del Futuro, in the district of Arraiján, with an approximate route of 26.7 kilometers, through 14 stations.

Accompanied by Minister Aleksandar, Mr Deputy Minister of Economy and Finance, Jorge Luis Almengor; General Manager of the Panama Metro Héctor Ortega and from JICA, Senior Vice President, Katsura Miyazaki.