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World Bank grants $150 million loan to Panama for sustainable growth and climate resilience

The World Bank has approved a $150 million loan for Panama to support sustainable growth and climate resilience, as per the lender’s statement on Thursday. The Development Policy Loan (DPL) is the first of two operations in Panama and aims to support socially-inclusive growth, energy transition, and sustain capital for resilient growth. The policy reforms should improve access to energy and internet in remote regions and help control deforestation of the country’s mangroves. Additionally, the project is expected to aid Panama in decarbonizing its land transportation, protecting its ocean, conserving forests, and implementing more energy-efficient policies.

REUTERS

Reporting by Sarah Morland; Editing by Anthony Esposito Published on April 27, 2023

Excerpt: The World Bank has approved a $150 million loan to support sustainable growth and climate resilience in Panama. The Development Policy Loan (DPL) represents the first of two operations in the Central American country. The operations are designed to support the energy transition, socially-inclusive growth and sustain capital for resilient growth.

Policy reforms implemented under the program should generate results by 2025. The lender added that this should improve access to energy and internet in remote regions and help control deforestation of the country’s mangroves. The project is also expected to help Panama decarbonize its land transportation, protect its ocean, conserve forests, and implement more energy-efficient policies.

The World Bank said that this financial operation will enhance Panama’s efforts in establishing the policy foundations to foster the country’s sustainable economic growth, low emissions, and resilience to climate change. Hector Alexander, Panama’s economy and finance minister, praised the initiative in the statement, saying that it will enhance Panama’s efforts in establishing the policy foundations to foster the country’s sustainable economic growth. The loan is expected to bring multiple benefits to the country and help it achieve its sustainability goals”.

Full Article: https://www.reuters.com/business/sustainable-business/world-bank-approves-150-mln-loan-panama-green-development-2023-04-27/

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