Istmian Update – Some of the news in Panama

High maintenance Metro

A report by the road commission of the Panamanian Society of Engineers and Architects (SPIA) estimates that the total cost of operations and financing of the Panama Metro will amount to more than $194 million annually. That figure indicates that the Secretariat of the Panama Metro (SMP) will need $56 million for operations, maintenance and security and $138 million to cover the financing. A technical analysis is based on the performance of other Metro systems of countries such as the Dominican Republic, Mexico, Spain and Medellin, in Colombia, among others.

No retaliation against Venezuela

The Civil Aviation Authority (CAA) said the government has not taken any measure affecting commercial air operations between Panama and Venezuela. The Authority said that the air operations between the two countries “are normal” and Venezuela has not imposed any action against Panamanian airlines. For his part, President Ricardo Martinelli said he is trying to avoid having to resort to taking retaliatory measures against the Venezuelan aviation industry.

A new park for Amador

The expansion project of the Amador Causeway to four lanes, which includes a landfill of about one hectare for a recreational park with parking and a lookout, will cost $66.5 million and it is being built by Panamanian company Ininco. It should be ready in November 2015.

Expocomer a success

More than 1,200 business meetings were held in the first business conference at Expocomer 2014. The Chamber of Commerce, Industries and Agriculture of Panama announced that 107 international buyers from countries such as Argentina, the Bahamas, Bolivia, Colombia, Costa Rica, Ecuador, El Salvador, Spain, Guatemala and Mexico, among others took part in the event.

Martinelli will not be investigated

The directors of the National Assembly, led by members of the ruling Democratic Change (CD), warned that “we will not open any process” over the alleged international corruption scandal in Panama that, according to international media, taints the government of President Ricardo Martinelli. After harsh criticism, the Attorney General, Ana Belfon, said that if merits exist to investigate the president, this would not be the responsibility of the Attorney General’s Office, but the National Assembly.

Procrastinated project creates losses

The lack of the third power transmission line between Chiriqui and Panama, a project that was planned for 2009 but was not tendered or awarded by the administration of Ricardo Martinelli until last year, could generate an expense to the state of $122 million in three years, to compensate the generators for not having transmission capacity. The Cabinet approved two agreements between the Ministry of Economy and Finance and ENEL Fortuna and AES Panamá to mitigate losses that may arise as a result of the delay in the construction of the third power transmission line.

More ships under Panamanian flag

Panama has taken advantage in a market whose stage is international waters. Panama’s register of merchant fleet rose by 7 million gross tons in 2013 from 226.30 million to 233.33 million, according to the Panama Maritime Authority (AMP), based on reports of Clarkson Intelligence.

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