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Japan finances Panama Metro Line. Panama signed a financing agreement for $2.6 billion with Japan to build Line 3 of the Panama Metro. This monorail system will be the first one with Japanese technology to be built in the American continent. The agreement also includes a non-refundable sum of $35 million to hire a project manager. It is expected that in the first three months of 2018 the tendering process will start, so the contract winner will be announced at end of the same year.
“The financing that Japan awarded today is recognition of Panama’s soundness and credibility. Our economy is sustained on a solid basis.” said the Panamanian president Juan Carlos Varela.
This project will “benefit thousands of Panamanians who travel from Panama West to the capital city on a daily basis and at the same time serve as a showcase in the region for Japanese technology in mass passenger transport,” pointed out Varela.
The Japanese prime minister, Shinzo Abe, emphasized that this will be a historical milestone which will allow Japan to bring high quality infrastructure to Panama and Latin America.
Line 3 will be financed by the Japan International Cooperation Agency (JICA). The terms and financial conditions are soft, establishing a period of 20 years to repay the loan.
The project is considered the biggest Panama has undertaken since the widening of the Canal.
Line 3 of Panama Metro will have a length of 26.75 kilometers in its first phase with 14 stations. It starts with a connection to Line 1 of the Metro in Albrook departing from Balboa, crossing the Panama Canal over the fourth bridge and following along the Panamerican Highway with an important exchange station to offer connectivity with the Panama Pacifico Special Economic Area and continuing to Arraijan city center.
From Arraijan it will continue along the Panamerican Highway with various stations to finish in “Ciudad del Futuro”, a neighborhood which is close to La Chorrera, where the line’s yard and workshops will be located. The Line 3 project in its first phase will be designed and built to accommodate the extension of the route which will eventually reach La Chorrera in its second phase.
The six wagons of Line 3 will have a capacity equivalent to five carriages on Lines 1 and 2. By 2020.The first phase of Line 3 will transport around 20,000 passengers each way during the rush hour.