International News: Panama to obtain $150 million loan from World Bank for green development

Posted: Friday, April 28, 2023. 8:57 am CST.

By Zoila Palma Gonzalez: On Tuesday, the World Bank announced that it had approved a $150 million loan to support sustainable growth and climate resilience in Panama.

According to Reuters, the Development Policy Loan (DPL) represents the first of 2 operations in Panama.

The projects are designed to support the energy transition, socially-inclusive growth and sustain capital for resilient growth.

In addition, the policy reforms under the program should demonstrate results by 2025.

Panama will also focus on protecting its ocean, conserve forests and implement more energy efficient policies.

Panama’s Finance Minister said that the 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.

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