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IN BRIEF: Panama's president signs US$2.6bn metro loan

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IN BRIEF: Panama's president signs US$2.6bn metro loan

Panama and Japan have inked a US$2.6bn financing agreement for Panama City metro line No. 3.

Panama's President Juan Carlos Varela, in Japan on a state visit, said the financing provided by the Japan International Cooperation Agency reflects "the strength and credibility of Panama."

Japanese railway manufacturer Hitachi is understood to have the monorail-model system Panama plans to use for line No. 3. The financing package also includes a grant for the hiring of a project manager to support state company Metro de Panama to draft tender documents and assist in the administration of the tender process, according to a release from Panama's presidential office.

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