The Inter-American Development Bank (IDB) approved a loan of $ 200 million to support policy reforms to improve the competitiveness of the logistics sector through reducing regulatory and institutional constraints in Panama.
The reforms supported by the project include institutional, regulatory aspects of planning and trade facilitation, that will boost the logistics value-added services, export of agricultural products and support the expansion of intra-regional trade with Central America, through the ratification of international agreements.
The loan will also provide related to trade facilitation, which will help reduce processing times of goods in customs reforms and improve human capital endowment dedicated to this sector.
The transport and logistics sector is the main heading of the Panamanian economy and accounted for 18% of GDP in 2015. Over the past five years, this sector grew at an average of 8.9% annually and is expected to remain one of the main engines of development.
The actions and reforms that this operation supports are particularly timely and important to enhance the benefits of the Panama Canal expansion project, whose new locks will allow passage of between 10 and 12 vessels Neopanamax for approximately 40 transits per day as a whole.
This loan is the second in a series of three operations designed to support policy and institutional reforms, according to a programmatic approach. PBLs are provided to IDB borrowing member countries and are fast-disbursing operations for budgetary support.
The IDB loan has a repayment period of 20 years, a grace period of 24 months and an interest rate based on LIBOR and your subscription has been authorized by the Government of Panama.
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