Welcome to the Panama Weekly News Roundup! Here’s the latest.
New bridge planned for Costa Rica – Panama border
Panama’s a small country, with equally small borders. But in the case of this Central American country, size doesn’t matter. The two land borders are some of the most important in the region. In the west, on the northern border with Costa Rica, one of two main border crossings is getting a facelift. And if you ask both locals and tourists, it’s about time.
The project will be funded by a $10 million donation from the Infrastructure Fund for Mesoamerica and Caribbean Countries, an aid agency of the Mexican government. Total cost of the project is $15 million with Costa Rica contributing $5 million, MOPT’s Vice Minister of Infrastructure Mauricio González Quesada said Friday.
Source: The Tico Times
New reforms to real estate companies in Panama
With the recent Real Estate boom in the past few years, Panama has become a hot target for brokers and Real Estate companies. It has also become a target for some scammers. Luckily, the government is aware of this, and will be implementing some strict new measures to help keep the market safe and reliable, and most importantly, honest.
According to information published by La Prensa website, and according to statements by Katherine Shahani, president of Acobir, made in the past Expo Acobir 2015, “There are serious and real estate professionals whose clients have been victims of fraud by individuals who are not suitable and who are not working in accordance with professional ethics.”
The Panamanian Association of Brokers and Real Estate Promoters, suggests that further budget to be used to appoint additional inspectors to monitor the exercise of the profession. Likewise, dialogue with the authorities to create a superintendence of Real Estate within the regulatory changes in order to solve the problems facing the sector.
Source: GoGetIt Panama
Stanley Heckadon-Moreno’s Gift to Panama Is Clean Rivers, Magnificent Tropical Forests
Panama’s natural surroundings are one of the biggest draws to the country, and one of its most valuable resources. However, due to a history of politics and favor, they were not always protected like they are today. Now, times have changed, and Panama’s parks, rivers, forests, and mountains are some of its most treasured lands. And this is, in no small part, due to the work of a man named Stanley Heckadon-Moreno.
“For a long time, the bankers, the builders, the government administrators, they all reached one conclusion,” said Heckadon, who’s served since 2000 as a staff scientist and manager of the Smithsonian Tropical Research Institute’s Galeta Point Marine Laboratory, on the Caribbean entrance to the canal. “They said, ‘We don’t need no damn forests. It’s a waste. Trees? Forget the trees. We want development.’ Sea to sea along the Panama Canal. They wanted it to be like the Rhine River. One industry after the other.”
Yet through all of the political convulsions and government advocacy for new development, Heckadon persisted with a message of restraint and a knowing, personal approach that could be as tough as teak or as flexible as bamboo. Much of Panama’s public domain, and a good share of the nation’s land preservation and water conservation ethic can be traced to his work.
Source: Circle of Blue
Panama is Aiming High When it Comes to Energy
Panama’s energy demands are skyrocketing these days as development increases, and the country moves forward. The need for more energy is critical, and the government plans on doing something about it. Earlier this month, they announced that they would be investing up to $5 billion in new power resources, and improvements on the existing grid. In our latest blog post, we go over some of the details.
The planned $5 billion investment will come from both private and public financing, although the majority (76%) will come directly from the private sector. About a third of the total funds will go to Hydro Chan 2, with the remaining being split into large shares for other energy sources (coal and gas), and distribution lines. Though much of the funds for these projects have already been allocated for, Panama expects to reinforce finance from a variety of sources, many from outside the country. The public financing will come from already implemented energy taxes, as well as shares of Canal revenue and federal reserve funds.
Read more about Panama’s energy ambitions
