The CAF will provide 250 million dollars to Panama to improve financial management

The Board of the Development Bank of Latin America- CAF approved a loan of up to 250 million dollars to Panama, which will be allocated to a program to modernize and improve the Transparency of the country's financial system, the regional body reported today.

Panama, Nov 7 (EFE) .- The Board of the Development Bank of Latin America- CAF approved a loan of up to 250 million dollars to Panama, which will be allocated to a program for modernize and improve the transparency of the country's financial system, the regional body reported today.

The money will serve the Program for the Support of Modernization and Transparency of the Financial Management of the State, which aims to promote the increase in the productivity of government action, based on the improvement of efficiency and transparency of state entities, said the multilateral agency through a statement.

The Ministry of Economy and Finance of Panama, which will be the executing agency of the loan, will be able to modernize its processes. to effectively use the resources it has, for the formulation of initiatives on economic policy, public investment programming and strategy social.

"For CAF, it is satisfactory to support the process of modernization of the State with transparency and integrity of management, through the use of technologies and tools to access the information and the strengthening of institutional capacities for project management of Public-Private Partnerships (PPP), "said the CEO of CAF, Luis Carranza.

In the last five years (2012-2016), the CAF has approved Panama credit operations in the order of 2,074 million dollars, which represents an average of Approvals of 415 million annually. "a development bank of Latin America" �??�??and, according to its statutes, its mission is "to promote sustainable development and regional integration, by financing projects of the public and private sectors, the provision of technical cooperation and other specialized services. "

The credit institution was created in 1970 and currently associates 19 countries Latin American, Caribbean and European, as well as 13 private banks.