Welcome to the Panama Weekly News Roundup! Panama City ranked #1 in World Bank survey. We look at the effect of the Canal on global trade. And why Volcan may be Panama’s hidden jewel for expats. Here’s the latest.
The Expansion Of The Panama Canal Will Have A Huge Effect On Global Trade
In Panama, The Panama Canal Expansion is touted as the project that will bring the country into the next level of economic prosperity. But what you may not know is the ripple effect it will have on the global economy, specifically global trade.
As the newest Panama Canal expansion reaches completion, interest from logistics and trade professionals has reached a fever pitch. The over $5bn project will boost ship capacity upwards of 50%. With the largest ships now carrying up to 13,000 shipping containers, larger volumes of electronics, T-shirts, grains and other commodities promise to bring Eastern and Western Hemisphere markets closer together.
However, there are legitimate questions over how much these shipping economies will affect spatial economies: the “where” of goods supply and demand.
Source: World Economic Forum
World Bank funds 215MW in Panama
Panama’s clean energy wind farm project is taking shape these days, with the World Bank officially injecting nearly $300 million into it. The funds will be split in a few different groupings, but the project is now official, and construction should begin sooner than later. This is record financing for this type of project, and the first of this scale in Panama.
“This financing reflects a strong commitment to further developing Panama’s infrastructure, particularly clean energy production, as a strategic priority in the country.”
The funding will be made up of $80m in senior loans from IFC’s account, a $60m senior loan from its Managed Co-Lending Portfolio Program, and $144m in syndicated senior loans from other institutions and Panamanian banks. In addition, IFC will provide a subordinated loan of $16m from its own account.
Source: ReNews
Panama City Leads Region in World Bank Business Survey
In a recent review of Latin America and the Caribbean, the World Bank named Panama City, Panama as the best city in the region to do business in. The city’s rapid growth, infrastructure, transportation facilities, and existing business climate all lead to the #1 ranking. Panama, as a country, is currently considered the top Central American nation for business, and one of the top 3 in all of Latin America.
According to information published by the information portal The Panama Perspective, “There is one city that scored well on all indicators,” said Oscar Calvo-Gonzalez, program manager of Central America, the World Bank. “All these cities are behind one of the indicators”.
San José, Costa Rica and Guatemala City in second and third, respectively, in the report. San Jose took on the ease of registering property, a category in which León, Nicaragua, was the last. However, Leon topped the list in the ease of obtaining a building permit.
Source: GoGetIt Panama
Volcan: Panama’s Hidden Mountain Retirement Destination
Thinking about retiring in the highlands of western Panama? You may want to consider Volcan. Much like Boquete, another popular expat retirement destination, Volcan has great weather, beautiful natural scenery, and a very inexpensive cost of living. It truly is a hidden paradise, and a great town for both tourism, and permanent relocation. To learn more, check out our latest blog post.
Volcan truly has unique scenery for Panama. It’s cool and dry (68-75 F) with lush green fields, bright colored flowers, and plants covering nearly every open space in the area. It’s visually stunning, and temperate enough not to need A/C or heat. If you’re an outdoors person this truly is your place.
Another great draw to Volcan is its peace and serenity. The town is very small, and the surrounding area very quiet with little traffic, and lots of open air space to hike, drive, or hang out in. In the center of town there is a supermarket, a few banks, and a number of restaurants that cater to both local and expat tastes. Unlike Boquete, the town is fairly spread out, so having a car is crucial. Volcan isn’t the right place if you’re looking for nightlife or big city conveniences, however they have all the basics you need to get you by, and a well maintained road to take you into the city (David) should you need anything from there.
Read more about Volcan, Panama
