PANAMA has signed a loan agreement worth Yen 159.5bn ($US 1.1bn) with Japan International Cooperation Agency (Jica) to enable the completion of the Panama Metro Line 3 monorail.
The agreement was signed by Panama’s minister of economy and finance, Felipe Chapman, and the resident representative of Jica in Panama, Shohei Tada, in the presence of the Japanese ambassador, Kazuyoshi Matsunaga, and César Pinzón, director general of Panama Metro.
The latest deal is the third loan agreement that Jica has signed to fund construction of Line 3. The new loan has a term of 20 years and a grace period of six years.
The 25km monorail will run from Albrook to Ciudad del Futuro. Jica says that the loan will fund construction of the 5km tunnel section running under the Panama Canal between Albrook and Panama Pacífico, and the 20km elevated section between Panama Pacífico and Ciudad del Futuro.
According to Jica, commercial operations on Line 3 are due to commence in December 2028.
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