News

The Central American Bank for Economic Integration (CABEI) just made a major investment in the future of Panama’s forests.

The bank recently plans to disburse $75 million to Panama, “aimed at strengthening the conservation and restoration of the country’s forest ecosystems.” The move is part of  a Development Policy Operation with specific goals to support the long-term health of Panama’s forests. 

The investment supports eight specific strategic actions aimed at sustainable forest management, including regulations for certified forest harvesting and stricter controls on the transport and marketing of timber to “promote a more orderly, transparent, and environmentally friendly value chain,” the bank said in a statement.

CABEI’s initiative also supports the reactivation of the National Forest Management Council (CONAGEFOR), “a key technical coordination body that promotes a sustainable forestry sector, generates benefits for rural communities, and contributes to economic and social development.”

The CABEI’s mission is to “promote economic integration and balanced economic and social development of the Central American region.”

With the new investment, CABEI  says it is consolidating its “commitment to Panama’s prosperity and the building of a greener and more resilient future.” The initiative seeks to ensure that the country’s natural wealth continues to “contribute decisively to the regulation of the water cycle, carbon sequestration, protection against natural disasters, and biodiversity conservation.”

Earlier this year, the bank disbursed $7.5 million for the construction of the new Gorgas Campus, which features facilities focused on strengthening public health and scientific research in Panama and the region. The project includes the development of “modern, safe, and sustainable facilities for diagnosis, epidemiological surveillance, and training of specialized health professionals.”

“The new campus will strengthen the country’s capacity to respond to health emergencies, promote job creation, boost regional scientific cooperation, and contribute to improving access to quality public health services, especially for the most vulnerable populations,” the bank announced at the time.