The Cabinet Council has approved a loan contract for investments in infrastructure and fiscal control equipment at the country’s border posts.

According to a decree published on June 5 in the Official Gazette, “ … the signing of the Loan Agreement … between the Republic of Panama and the Inter-American Development Bank (IDB) has been authorized, up to the sum of seventy-five million dollars (US $75,000,000.00).“

The loan will be used to finance the “Customs Logistics Integration Program”, which consists of improvement to the country’s logistics sector through the modernization of processes, technology, infrastructure and fiscal and parafiscal control equipment in the three Costa Rican border posts (Paso Canoas, Guabito and Rio Sereno).

According to the decree, the term of the loan will be 25 years and the period of disbursement will be five years from the date of entry into force of the contract. 

See Cabinet Decree No. 26. (In Spanish)