Panama to receive $500 million in loans

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Panama to receive $500 million in loans

The Inter-American Development Bank and the International Bank for Reconstruction and Development (IBRD) have approved appropriations of $500 million to the government of Panama.

According to information published in the Government Gazette on Nov. 11, the first of these loans approved by the Cabinet Council is a $200 million loan that will be awarded by the Development Bank.

The term of the loan is 15 years.

Meanwhile, the second loan is for $300 million and was granted by the IBRD. It will be repaid over 20 years.

The money is for use on social programs for the poor that are part of the government's plan through 2019.

http://www.prensa.com/in_english/Organismos-multilaterales-prestamos-gobierno-Panama_21_4620497908.html