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The United Kingdom has vowed to double its financing for British companies doing business in Panama, citing the country’s stability and leadership in the region.

The UK is the fourth largest trading partner in Panama, but it is looking to bolster ties to the region with Brexit looming on the horizon. The UK will increase its financing to $4.5 billion for the region, recognizing the growing importance of Panama in the Latin America economy.

UK Secretary of International Trade Liam Fox was in Panama last week and met with Pres. Juan Carlos Varela to discuss ways to grow the relationship. The UK is looking to expand the presence of British companies in the area and Fox praised Panama’s progress in fiscal transparency. In addition, the two leaders discussed the possibility of adding a direct flight to Panama from London, which would provide a significant spark to the growing number of Europeans buying property in Panama. 

Fox also toured the new airport terminal construction and Panama Canal expansion during his visit.

.@LiamFox today visited @thepanamacanal, saw new airport terminal designed by @FosterPartners & met @GSK discussing trade & #GlobalBritainpic.twitter.com/Ry3lKDPbbM

— Dept. for Int. Trade (@tradegovuk) August 22, 2017