Slim helping finance Panama Metro 2

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AFTER months of uncertainty, the financing of Panama’s Metro line 2  appears to be back  on track.

The consortium in charge of the project, which includes Brazilian construction company Odebrecht and Spain’s FCC Construcción.

A  letter  from consortium Executive Director Marcos Tepedino to Metro Director Roberto Roy, reported Tuesday that deals  for the financing have been made reports La Prensa.

The letter did not disclose the names of the banks but sources close to the project said they are Swiss bank UBS and the Mexican bank Inbursa, a property of the Mexican magnate Carlos Slim, who is also the main shareholder of FCC Construction.

When the project was awarded, the responsibility for its financing was the sole responsibility of the consortium.

The original deal had the project being financed by a group led by Citibank, but they dropped out of the project due to concerns about the corruption scandal surrounding Odebrecht.

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