In Panama, bank credit for power generation projects grew 39% by November 2018, and the increase was mainly due to loans for clean energy projects.

According to the latest report of the Superintendence of Banks, in November last year the portfolio of loans granted to the country’s industrial sector totaled $3.309 million, equivalent to a 30% increase over the $2.537 million reported in November 2017.

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From this global figure of the credit granted to the industrial sector, it stands out that the financing of projects focused on the generation of electric energy increased $528 million for the months concerned, going from $1.363 million to $1.891 million.

Elcapitalfinanciero.com reviews that “… At the end of November 2018, The Bank of Nova Scotia presides over the loans granted to electricity generation with $619.59 million. It is followed: Banistmo ($306.69 million), Banco Nacional de Panamá (BNP with $208.46 million), Global Bank Corporation (Global with $157.46 million), Bac International Bank, Inc., (Bac with $144.22 million), Banco Latinoamericano de Comercio Exterior (Bladex, with $109.23 million) and Banco General (BG with $79.87 million).”

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The article adds that “… The 38.76% growth in the balance of loans for electricity production shows the interest of banks in participating in the development of new energy sources, particularly clean ones. For example, in 2016 Nova Scotia announced that it signed an agreement with Gas Natural Atlántico II for the construction of the transmission line of the AES Colón Project for $60 million (approximately 15 kilometers). AES Colón is the first Liquefied Natural Gas (LNG) generation plant in the country, with a net capacity of 380 megawatts (MW).”