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CAF, the Development Bank of Latin America and the Caribbean, is moving closer to opening its new Regional North Hub in Panama City, with construction of the landmark building in Obarrio now 75% complete. The project is expected to open during the first quarter of 2027, positioning Panama as an even stronger center for regional development, finance and international cooperation.

The building is more than a corporate office. Designed to house approximately 250 officials, the new CAF hub will include a 276-seat auditorium, a contemporary art gallery, and covered public spaces for educational and cultural activities. It is also advancing through the LEED v4 Gold certification process, one of the leading international standards for sustainable construction.

The project has already created a measurable local impact. According to CAF, more than 700 direct jobs have been generated since construction began, with more than 560 people currently working on site across administration, consulting, inspection and specialized construction roles. The project has also introduced higher technical, environmental and occupational safety standards among local suppliers and contractors.

Panama was not selected by accident. CAF has offices across Latin America, the Caribbean, Spain and Portugal, and the institution currently describes itself as a development bank made up of 24 countries, including 22 from Latin America and the Caribbean, plus Spain and Portugal. But regional hubs are different from regular country offices. CAF’s South Region office in Montevideo, inaugurated in 2018, became the institution’s operational hub for the Southern Region. Panama’s new building now follows that model for the northern side of the region.

The move also reflects CAF’s broader expansion toward Central America and the Caribbean. In 2022, CAF established a Regional Management Office for the Caribbean in Port of Spain, Trinidad and Tobago, and the bank has made clear that its Caribbean strategy is becoming a larger part of its regional agenda.

For Panama, this is another step in a larger story. The country has already been strengthening its position as a regional platform for global institutions, business leaders and development organizations. Earlier this year, Panama hosted the CAF International Economic Forum, which brought together more than 6,500 leaders from 70 countries, including heads of state, official delegations, investors, academics and decision makers.

The Obarrio location adds another layer to the story. The future CAF hub is being built directly across from MOVA by B&B Italia, one of the most ambitious mixed-use residential concepts in the area. MOVA introduces a 15-minute-city approach to Obarrio, with a focus on walkability, superblocks, public life, design and neighborhood connectivity.

Together, CAF and MOVA point to a visible change in Obarrio’s identity. Long known as one of Panama City’s financial districts, the area is now moving toward a more complete urban model: offices, residences, public spaces, cultural programming, restaurants, services and walkable streets in the same district. That matters for investors because it creates the kind of daily activity that supports long-term demand, not only during business hours, but throughout the day.

The new CAF hub also includes public-facing elements that are not typical of a closed corporate office. Its plaza, auditorium and art gallery are designed to create interaction between the institution and the city. The project has also included improvements to the municipal stormwater drainage system in the area, as well as pedestrian improvements near Parque Harry Strunz, helping address historic urban challenges in the surrounding blocks.

For Obarrio, the impact could be significant. A regional development bank bringing international officials, visitors, events and institutional activity into the neighborhood can increase the area’s visibility and support demand for nearby housing, hospitality, retail and services. For MOVA, located across the street, the timing is especially relevant: the project sits at the center of a district that is not only growing vertically, but becoming more international, more walkable and more connected.

CAF’s new Panama hub is not simply another building under construction. It is a signal that Panama continues to attract regional institutions, high-level events and long-term capital. As the project moves toward its 2027 opening, Obarrio is quietly becoming one of the most important urban transformation stories in Panama City.

5 Things to Know

1. The CAF Regional North Hub is 75% complete. The building is expected to open in the first quarter of 2027.

2. It is not just an office tower. The project includes a 276-seat auditorium, art gallery, public plaza areas, meeting rooms and underground parking.

3. CAF already has a regional hub model in Montevideo. Its South Region office in Uruguay opened in 2018. Panama is now becoming the key hub for the northern side of the region.

4. Obarrio is changing fast. CAF is rising directly across from MOVA by B&B Italia, strengthening the area’s shift toward a more walkable, international and mixed-use district.

5. The project adds real urban value. Beyond employment and construction activity, it includes drainage improvements, pedestrian upgrades and sustainable design features aimed at LEED v4 Gold certification.