Welcome to the Panama Weekly News Roundup! This week we talk about visiting multilateral bodies, expanding infrastructure of roads outside PTY, and the closely knit ties between Florida and the Republic of Panama.
Multilateral Financial Institutions Visit Panama Canal Expansion
With the colossal growth of Panama’s economy in the last 15 years, the republic has become central to the plans of multinational entities and multilateral financial bodies. Panama’s excellent geographical location between two of the largest continental economies, as well as its highly developed infrastructure and open finance laws, have led to further initiatives in early 2014. Currently, investigating the further use and viability of such mega projects as the Panama Canal Expansion, a delegation of representatives of these organizations will deliver their verdict on the progress being made this month.
“Representatives from the multilateral institutions financing the Panama Canal Expansion Program today visited the new locks project construction in the Pacific side as part of their regularly scheduled visits.
Experts from the Inter-American Development Bank (IDB), the European Investment Bank (EIB), Japan Bank for International Cooperation (JBIC), International Financing Corporation (IFC) and the Andean Development Corporation (CAF) participated in meetings for two days and visited the Expansion Program construction site.
ACP executives made a comprehensive presentation of the current status of the project, including details of the work stoppage by Grupo Unidos por el Canal, S.A. (GUPC), the new locks project contractor. In December 2008, ACP signed agreements with five multilateral institutions to procure financing of up to $2.3 billion (USD) required for the Expansion Program. In total, agreements were signed for $800 million with the JBIC, $500 million with the EIB, $400 million with the IDB, $300 million with the IFC and $300 million with the CAF.”
Source: Marinelink
New Roads Drive Buyers in Panama, Only After Investors Get 1st Pick
The further drive for extra infrastructure in Panama isn’t kept to just the city. Private lot and real estate owners are increasingly pushing to get new road laid around Panama, with the government committed to maintaining standards across the entire Panamanian road network. Increasingly driven by the luxury and mid-end home market in far flung locations, it is an area of huge growth for construction and legal companies.
“Information on new road projects is kept closely guarded with typically government insiders the only ones in a position to capitalize. This series of events is now predicted to take place in Punta Barco, the beach town next door to Coronado, as its new government road project unfolds over the next three months.
Known for the consistent surf at Playa Teta, Punta Barco will change in 2014 as developers are seeing strong sales on the four residential projects directly accessed by the newly-announced paved road. The most impressive of these projects by far is the Punta Barco Country Club, which will feature 180 homes within a gated community, offering luxury-style amenities at a “mid-range” price point.
Carved out on 10 hectares, the development group Davivienda is looking to fill a niche on the beach that’s seen strong demand from foreign buyers and upper middle class Panamanians: Single Family Homes under $250,000.”
Source: Panama Equity
Florida Trade Delegation Arrive in Panama City, Panama
With the closer ties between Panama and Florida in regards to PortMiami and other major shipping channels, as well as the increased number of flights, the need for reciprocal ties between the two has increased. As part of the effort to bring them together a substantial delegation from Tampa has arrived on Panama’s shores, seeking to learn more about the operations of Copa Airlines and the Panama Canal Expansion Project.
“Tampa Mayor Bob Buckhorn will lead a delegation of nearly 40 business and community leaders to Panama on Monday.
Tampa Hillsborough Economic Development Corporation organized the three-day trip. The focus of the trip will be on the development of commercial relationships that support the new direct flights between Panama City and Tampa International Airport offered by Copa Airlines.
The group will take a behind-the-scene tour of the Copa Airlines Operations Control Center, get a briefing on the Panama Canal Expansion Project, tour Panama’s City of Knowledge, attend a networking event by the Panama-American Chamber of Commerce and attend a reception at the residence of United States Ambassador Jonathan Farrar.
Mayor Buckhorn will meet with Panama City Mayor Roxanna Mendez de Obarrio on Wednesday. He will be be presented with the Key to the City during the meeting.”
Source: ABC Action News
Guide to Panama’s New Metro 2014
Panama’s new Metro service will launch in early 2014, as part of the extensive infrastructure improvements made since 2009. The huge development will see Central America’s first ever metro bisecting the capital city, with an initial capacity of 15,000 passengers per hour – rising up to a colossal 40,000 commuters per hour.
“The 15 stations will be spread across a range of levels, from a surface-level station at Albrook bus terminal to underground and elevated stops along the rest of the line. The majority of Underground stations in the center of the city will be subterranean, to allow the existing transport infrastructure relatively uninterrupted space to expand for the future. Running East-West through the city, the stations begin at Los Andes (a suburb of Panama), passes through the town of San Miguelito, enters the heart of the city at Via Argentina, before running all the way to Albrook mall via 5 De Mayo.
This route is the first route of 4, with a minimum of 2 lines already financially committed to. These will nearly all originate in Albrook but bisect the city at different locations, helping to maintain the transport network’s efficiency and break the stranglehold of road transport.”
Continue reading about Panama’s Metro
Copa and ATP Marketing Campaign for Panama a Success
Panama’s tourism juggernaut scores yet another victory with the news of Copa Airlines and the Panama Tourism Authority’s latest marketing coup, an online campaign centred around an exploratory website. With over a million visits and 1,300 direct sales on site, the popularity of Panama as a destination for investors and tourists has been additionally bolstered by additional North and South American air routes. With the number of tourists increasing by 40% in just 5 years, the repeated success of the ATP has been underlined once again.
“Marco Antonio Ocando, COPA’s Marketing Director, explained that the online campaign revolved around the website “www.DescubrePanamaConCopa.com.” During the four months between July and October of 2013, the site registered 935,000 hits, surpassing 1 million hits since. COPA sold more than 1300 airline tickets directly from the site.
Joseph Mohan, Senior Vice President of Business Planning at COPA, stated that the campaign, carried out in Brazil, Colombia and Mexico, branded Panama as the “destination that has it all,” with four areas highlighted: beaches, shopping, city and nature.
Hotel accommodation offers were also promoted, as well as COPA’s “Stopover Benefit,” the program that was launched three years ago in which travelers on connecting flights through Panama can opt to extend a layover stay without additional costs.
Other aspects of the marketing included the purchasing of banner ads on popular websites from media outlets in Colombia, Brazil, Mexico, Chile, Argentina, Venezuela, Bolivia, Paraguay and Uruguay. A 30 second video was also uploaded to YouTube which generated 1.4 million visits in a four-month period. It is currently one of the most watched videos on YouTube originating from Panama.”
Source: The Visitor
