$500 Million Financing Plan to Support SMEs and Reactivate the Panamanian Economy

• The President of Panama, José Raúl Mulino, made official this Wednesday, December 11, a $500Mn financing program with the international banks Citi and BBVA, aimed at promoting the country’s economic reactivation plan, which will be managed through the state-owned Caja de Ahorros (CA).
• The program includes a financial contribution of $250 million from Citi and another $250 million from BBVA.
• “The money for the Panamanian people will not come from subsidies or royalties from the State, but from economic reactivation through the private sector, which will result in fresh money to boost the economy” the president said.
• This financing is projected to support various productive sectors, with an emphasis on small and medium-sized enterprises (SMEs), seeking to promote economic development and job creation throughout the country.

(Source: Panama Newsroom)