Arab Today, arab today japan to finance 26bn monorail in panama
Last Updated : GMT 04:08:59
Arab Today, arab today
Arab Today, arab today

Japan to finance $2.6bn monorail in Panama

Arab Today, arab today

Arab Today, arab today Japan to finance $2.6bn monorail in Panama

Panama's President Juan Carlos Varela (L)
Panama City - AFP

Japan on Wednesday agreed to finance a $2.6 billion monorail Panama intends to have built by 2022 as an extension of its young metro system, the Panamanian government said.

"This financing Japan is giving us today is recognition of the solidity and credibility of Panama," a statement quoted President Juan Carlos Varela saying during a visit to Tokyo.

Varela's government is fighting to save Panama's image as a budding global business hub after the so-called Panama Papers revelations that exposed how politicians, the wealthy and some criminals used its offshore expertise.

The Japanese credit for the monorail is a 20-year deal extended through the government-backed Japan Bank for International Cooperation.

A memorandum of understanding was signed in January and Varela's trip to Tokyo sealed the agreement with Japanese Prime Minister Shinzo Abe.

The cost of the monorail project makes it the biggest in Panama after a massive expansion of its century-old canal, which is to be inaugurated in June after an investment of over $5 billion.

The monorail will constitute a line three to Panama's new metro network, opening up a 26-kilometer (16-mile) run between the capital and Arraijan, a town in the west.

While Japan will stump up for the project, a public tender will go out to select the company or consortium to build the line.

"Our economy is based on solid fundamentals and we are showing that today," Varela was quoted as saying.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japan to finance 26bn monorail in panama Arab Today, arab today japan to finance 26bn monorail in panama

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japan to finance 26bn monorail in panama Arab Today, arab today japan to finance 26bn monorail in panama

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today Sally Shaheen considers hosting a political show
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday