Panama Gets $150 Million for Green Infrastructure
The international community continues to finance Panama’s emergence as a leader in developing green infrastructure in the region. The latest news is a $150 million from the World Bank to finance sustainable initiatives and climate resilience.
The money will focus on programs to support “the energy transition, socially-inclusive growth and sustain capital for resilient growth.” The list includes projects to decarbonize Panama’s land transportation, protect the ocean, conserve forests, and “implement more energy-efficient policies.”
This type of infusion is vital for the growth of the country and it illustrates the international community’s support for Panama’s growth and prosperity. Panama’s modern infrastructure is developing rapidly, supporting business, Panama Real Estate, and a healthier, more resilient population.
The loan also comes when Panama has been making a lot of news recently in the green economy. Backed by international money, companies are turning Panama into a hub for green hydrogen. Last year, a group led by SGP BioEnergy announced plans to develop one of the world’s largest biorefineries focused on low-carbon aviation fuel.
This World Bank loan “will enhance Panama’s efforts in establishing the policy foundations to foster the country’s sustainable economic growth, low emissions and resilience to climate change,” Panama’s economy and finance minister, Hector Alexander, said in the statement.
The new policies funded by the load should begin generating results by 2025, according to the statement. Among other initiatives, the bank said the programs should improve access to energy and internet in remote regions and help control deforestation of the country’s mangroves, Reuters reports.