Although I doubt that the commitment of $150 million will put much of a dent in the plan to build a subway system in Panama City, at least it is a start.
Excerpt:
The World Bank is scheduled to provide $17 billion to Latin America over the period between July 2008 and June 2009, with Panama scheduled to receive at least $150 million of those funds.
That amount could be higher, as multilateral entity has made known its willing to help finance President Martinelli's proposed metro, reported Pamela Cox,World Bank Vice President for Latin America.
The bank is currently reviewing its funding strategy with Panama. "We met [yesterda] with President Ricardo Martinelli and his team to discuss the new government's priorities so that they are reflected in the country's strategy for the next three years," explained Cox.
Among the administration's known priorities are transport, education, social investment, governmental efficiency and achieving investment grade status.
"Panama and Peru are the only two countries in the region that continue to grow," noted Cox, referring to estimates by the World Bank that hold to predictions in the neighborhood of 3.5 percent growth this year. Other international financial institutions, however, are not as optimistic
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