Isthmian Update Some of the news in Panama

Geisha reaches $350 per pound

Geisha coffee, specifically Esmeralda Special Natural C.V., reached the world record price of $350.25 at an online auction recently. The Japanese company Saza Coffee and the Taiwanese Haaya Gourmet Coffee acquired the beans and will sell them to specialty shops around the globe.

The President of the Association of Special Coffees (SCAP), Plinio Ruiz Jr. said that the auction was a total success and the producers manage to sell a total of $289,287 for the 47 lots that were entered. International markets consider the coffee exotic consumers around the world could pay up to $50 for a cup of Geisha coffee, to enjoy its jasmine aroma and citric sweetness, characteristics it gains from growing in the mountains of Western Panama.

Stabilization of electricity prices

The Cabinet approved the transfer of $35.7 million for a Rate Stabilization Fund (TEF) in order to stabilize the prices of electricity through the transfer of funds to the electricity distribution companies. The transfer of funds to the Electricity Distribution Company, S. A. (ETESA) will be made through the Ministry of Economy and Finance (MEF).

Education mission: to stay the course of improvement

The Minister of Education, Lucy Molinar, admitted that changes in education are needed, but stressed that “the thing that you need to do is continue doing it.” Molinar’s reaction occurs after the presentation of a report on education in the country, which revealed that despite the progress, there are still disparities. She explained that in her administration there have been several advances, such as the reduction in dropouts.

ATLAPA to go on market at $127 million

The Tourism Authority administrator Solomon Shamah, said the ATLAPA Convention Center will be sold for $127 million. This means that the square meter will be offered at approximately $2,000, as the land covers 5.8 acres, explained the minister. He explained that they are currently drawing up the ATLAPA sale process by tender through a public auction.

180 conventions per year

International events have not only benefited the hospitality industry, but the country has become an important meeting point in the region for the development of conventions, which have increased in recent years, projected to create income in 2013 of about $40.5 million. During this year there are around 180 conventions expected to take place, which will impact the national hotel industry, which recorded a significant position in Latin America.

Spain considers Central American railroad

In Central America, there is interest in reviving the old project to create a rail link from Panama to Mexico, and Spain has the capacity to help build it, said the Spanish Secretary for Infrastructure, Rafael Catala. Speaking to the opening session of Spanish ambassadors of America, in Panama, Catalan said that he made a brief visit to Guatemala this week and found interest in reviving the plan.


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