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Latin America Investment News on Viva Tropical

Panama Spends $650 Million on the North Corridor

Article Summary:

Panama plans to spend $650 million in January 2012 to firm up the contract between the Northern Corridor National Highway Company (ENA) and with Mexico Proyectos y Construcciones, SA (PYCSA). A series of notes and bonds in the domestic and international market will be issued to finance the sale, as was done for Southern Corridor.

Photo Credit: Revista Summa

Original Article Text From Revista Summa via Google Translate :

Panama: Sale of Northern Corridor in January

The second week of January 2012 is the estimated date for closing the sale contract to be is signed between the Northern Corridor National Highway Company (ENA) with Mexico Proyectos y Construcciones, SA (PYCSA).

According to Panama America, this transaction has been delayed by the legal aspect of the warranties and representations that are negotiated with lawyers PYCSA, Rigoberto said Effie, CEO of ENA.

Everything indicates that the method of financing for the acquisition of the Northern Corridor will also be issuing notes and bonds in the domestic market and internationally, as it was done with the Southern Corridor. In this case will be $ 650 million.

This stretch has a higher amount, since the sale of the Southern Corridor was U.S. $ 420 million compensation for land rights had such broker lowered the purchase price, a situation that has not been given to the Northern Corridor, as noted Effio.

Although not yet clinched the sale, the Government has already given the order to proceed to the construction of the third phase of the Northern Corridor, which will be of Brisas del Golf at near village of Las Cumbres. The projected time for this construction is 18 months.

For this expansion, have begun the process of compensation that may be about U.S. $ 20 million.ENA said that this project will directly benefit Panamanians 1500 and 3000 people indirectly. He said that the idea is to create a ring road, in a standardized way of both corridors, projected to 2013 initiative.

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From Revista Summa

Latin America Investment News on Viva Tropical