Mulino Announces $500 Million Financing Plan to Support SMEs and Reactivate the Economy

The President of the Republic, José Raúl Mulino, made official this Wednesday, December 11, a $500 million financing program with the international banks Citi and BBVA, aimed at promoting the country’s economic reactivation plan, which will be managed through the state-owned Caja de Ahorros (CA).  “The money for the Panamanian people will not come from subsidies or royalties from the State, but from economic reactivation through the private sector,” said the president, thanking Citi and BBVA for their trust in the CA and the state bank.  The program includes a financial contribution of $250 million from Citi and another $250 million from BBVA. 

During the event, Mulino said: “How many of the countries that are on our grey lists have this opportunity and this recognition?” referring to the credit formalized with international banks.  The president stressed that his government is on a crusade to clear Panama’s name and achieve its exclusion from discriminatory lists.  “It cannot be that two global banking organizations make this recognition in the financial world and, having just joined Mercosur, the country shares indecent lists with countries sanctioned by the United Nations, whose Security Council Panama will join in January of next year. If that is not bad politics, I do not understand what is,” said Mulino.  

It was reported that this financing will support various productive sectors, with an emphasis on small and medium-sized enterprises (SMEs), seeking to promote economic development and job creation throughout the country.  Also participating in the formalization ceremony was Susana García, general manager of the public sector at Banco Citi, and Marisa Pardo, general manager of the public sector for America and Central American Banks at BBVA.