PANAMA CITY : Panama's government approved a 20-year loan deal worth nearly $626 million with the Japanese government aimed at continuing work on a second phase of a major public transit line southwest of the capital, officials announced on Thursday.
The Line 3 metro system covers 14 train stations stretching across 17 miles and the work funded by the new loan deal will benefit half a million people in the Central American country's Panama Oeste province, according to the government. The Japanese financing boost will also allow the transit system to roll out what officials describe as"high-quality monorail vehicles."
In a statement, Finance Minister Hector Alexander touted the deal's positive contribution to Panama's efforts to mitigate climate change. He also stressed that the project's spillover effects on new employment will be felt"not only in Panama Oeste but throughout the country."