ARIFA has advised:
• the purchaser (The Export-Import Bank of Korea - KEXIM);
• the insurance provider (the Korean Trade Insurance Corporation - K-Sure);
• and the lenders (Citibank, N.A., Banco Santander, S.A., BNP Paribas, Crédit Agricole Corporate and Investment Bank, Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation, Banco Nacional de Panamá, KEB Hana Bank, Banco Bilbao Vizcaya Argentaria S.A., Hong Kong Branch, and Banistmo, S.A.)
in connection with a US$ 2,264,037,941.16 and JP¥ 51,458,523,871.00 receivables purchase facility and related credit facilities agreements for the financing of Line 3 of the Panama Metro System.

The receivables, to be issued by Metro de Panamá, S.A. (MPSA) as the operator of the Panama Metro System and to be sold by HPH Joint Venture, a consortium consisting of Hyundai Engineering & Construction Co., Ltd., Posco Engineering & Construction Co., Ltd., Hyundai Engineering Co., Ltd., will benefit from a sovereign guarantee (”aval”) issued by the Republic of Panama especially for this transaction.

One of the credit facilities under the transaction will also benefit from a K-Sure export insurance policy.

The 24.5-kilometre project will reduce average travel times during peak hours from 90 minutes to 45 minutes and have 14 stations. The line will also reduce carbon dioxide emissions in Panama by 20,000 tonnes per year. The monorail system will be the first to use Japanese high-speed train technology in Latin America and was awarded to South Korean Hyundai Engineering and Construction in November 2019.