Citi coordinates financing for the underground section of Panama Metro Line 3. The Panama Metro Line 3 project receives a financial boost through an innovative scheme backed by South Korean credit agencies and BID Invest. The coordination was made possible by the teamwork of Citi's global platform across the Americas, South Korea, and Panama.
This change will generate direct cost savings in transportation for citizens and promote a safer alternative to the use of diesel buses and private vehicles. Panama Metro Line 3 is expected to serve an average of 180,000 passengers daily. This line will connect the Albrook area with the Panama Pacífico station, establishing a rapid and sustainable public transport option for the more than 500,000 residents of West Panama province.
Malcolm Muñoz, General Manager of Citi Panama, highlighted that this financing demonstrates the institution's ability to structure innovative solutions for large-scale infrastructure. The executive stated that the project will not only transform mobility but also contribute to the country's sustainable development by creating efficient transport networks.
Benefits for users in West Panama. The implementation of this new infrastructure will facilitate a reduction in travel times, estimating a decrease from 90 to 38 minutes per trip.
Leadership in investment banking. Through this operation, Citi consolidates its position in structuring financing for infrastructure projects in Latin America, especially those backed by export credit agencies. The operation amounts to a total of 1.33 billion dollars, destined for this critical infrastructure for the mass transit system. The transaction is based on a pioneering financing model that has the backing of export credit agencies, specifically the Korean entities K-SURE and KEXIM, along with the multilateral agency BID Invest. This technical and financial collaboration allows for the mobilization of international capital towards large-scale projects with economic and social impact.
The segment covered by the financing includes a 4.4-kilometer underground extension.
