In what appears to be an attempt to ally the fears some of us have of Panama s increasing debt, the ministry of economy and finance has come out stating they have billions in unrealized assets that could be converted into cash to help with the $13 billion plus plans for infrastructure. Some of this this new treasure comes from the over 3000 hectares of land in the reverted canal zone that they value at about one million a hectare. Of course you need someone to want it and be willing to pay this price, but when one is counting its chickens it best to aim high. I feel better knowing Panama still has state assets available for sale or rent in the event they over spend, don t you? I was growing concerned that they would be looking to the various businesses and individuals to pay for it.
From La Prensa;EDITH CASTILLO DUARTEecastillo@prensa.com
The Government has identified new sources of funding to support the five-year investment plan. It is direct and recurring revenue potential in excess of eight billion dollars.
The rent of land belonging to the State is one of the funding models that could generate income to the Government by the $4.6 billion . These outstanding U.S. $ 3 billion would be the estimated total retail value of 3 000 hectares of state land in the Canal area.
That was the detail provided by the Minister of Economy and Finance, Alberto Vallarino, in his speech yesterday at the XIX Convention National Banking, where he discussed funding opportunities for investments included in the Strategic Plan of the Government, which totals $ 13 000 600 million.
"As defined line of the canal expansion, you can now have many lands that were unused, such as Lemon Bay in Columbus," he said.
Rodman south, near the Bridge of the Americas, coordinates with the Panama Canal Authority to build a landfill for the installation of a port in which several consortia have expressed interest.
Vallarino also mentioned the state-owned land in the areas of the Exhibition, Calidonia and El Marañón, which could be used as financing mechanisms. Besides the real estate business, the Government expect to get funds from other sources, as the actions of the State in joint ventures, concessions to public / private companies and development of the mining sector.