IDB president highlights Panama as key for regional economic reactivation

RIO DE JANEIRO, BRAZIL – “If Panama succeeds, the rest of the region will too,” the IDB president said after a productive meeting with Panama’s president Laurentino Cortizo Cohen and part of his economic team, along with a bank delegation.

Claver-Carone said that Panama “has a unique opportunity” to be the driver of economic recovery and stressed his interest that the IDB directs its efforts, thus urging its officials in the country to focus on promoting projects in Panama.

In this respect, he expressed his financial and technical support to president Cortizo Cohen’s government in projects in sectors such as agriculture, tourism, small and medium enterprises and the promotion of the private sector, among others.

“We are going to comply with Panama,” the IDB president assured in reference to the institution’s support to the projects it executes and finances in the country.

For his part, president Cortizo Cohen emphasized that the IDB has a very positive impact in the region and added that the bank’s support in the success of programs such as the Covid-19 vaccination campaign, which has allowed the country to acquire a considerable amount of safe and effective vaccines to immunize the population against the virus, has been extremely important for Panama amidst the pandemic.

He added that with IDB support, the modernization of the National Authority for Government Innovation (AIG) has been promoted, with a digitalization process which has allowed for more efficient medical assistance in addition to the payment of the Digital Voucher through the Panama Solidario Program, a reference plan for the region and awarded by the United Nations and the IDB.

Furthermore, the Colmena Plan, which covers the country’s 300 most vulnerable districts through a rural electrification program worth approximately $35 million, and the support for the recovery of small and micro-enterprises, which create most of the jobs in the country.

Cortizo Cohen called on the IDB to continue supporting the Colmena Plan, which seeks to lay the foundations to fight poverty and inequality, and in particular in the connectivity of the most vulnerable communities with fiber optic internet.

The president highlighted Panama’s privileged position in having the best connectivity in the region, enabling the IDB’s work to be projected locally and regionally by using this advantage.

The IDB president said that Panama has great potential for business forums such as those held in the United States and Brazil, and expressed his interest in supporting projects implemented through the Public Private Partnership (PPP) model, which this year projects investments totaling US$700 million.

He pledged to support the holding of an investors’ forum in Panama as the country has “a great advantage and a great opportunity.”

The IDB was represented by Chief of Staff Jessica Bedoya, Vice President for Countries Richard Martinez, Executive Director Carlos Vallarino, and Country Representative Rocio Medina Bolivar.

President Cortizo Cohen was joined by Minister of Economy and Finance Héctor Alexander, Minister Counselor for Private Investment Facilitation José Alejandro Rojas Pardini, and PPP Secretary Saleh Asvat.