Cabinet approves US$53mn loan for Corredor Norte
Bnamericas Published: Thursday, November 24, 2011
Panama's cabinet has approved a US$53mn loan from state-run Banco Nacional de Panamá and state highway operator ENA for the extension of the Corredor Norte highway. The loan will be used to finance the stretch of the highway between Brisas del Golf and 24 December, according to a government release. Mexican construction giant ICA (NYSE: ICA) signed a US$115mn contract in September to extend 10.3km of the highway to four lanes. Work is expected to wrap up in 24 months. The Corredor Norte highway is currently operated by PYCSA, which was awarded a concession in 1997. Together with the Corredor Sur, the highway forms the main access route to Panama City. ICA recently sold its shares in the Corredor Sur concession to ENA for US$420mn. ENA is currently negotiating the purchase of the Corredor Norte.
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