Panama - Pacifico Special Economic Zone (SEZ) (English)

The Panama Pacifico project is transforming the former Howard U.S. Air Force base outside Panama City into a hub for international trade, logistics, services, commerce, and industry. As principal advisor to the government, IFC recommended that a private investor develop the 2,500 hectare site through the establishment of a special economic zone (SEZ) with a modern regulatory framework and administration conducive to business and direct foreign investment. The land received SEZ status in 2005 and within two years a private master developer was selected and a master development agreement signed. One of the largest development projects in the world, Panama Pacifico capitalizes on its strategic location at the entrance to the Panama Canal and its close proximity to Panama City, the capital. London & Regional Properties (L&R), a global private real estate develop¬ment firm, won the bid for the 40-year concession. L&R committed to invest a minimum of $405 million over the first eight years of the project, of which $20 million was paid up front, and a minimum of $100 million for each eight-year period afterward. Panama Pacifico is expected to attract $3 billion in direct foreign investment and create an estimated 20,000 new jobs. The U.S. Green Building Council and the Clinton Climate Initiative named Panama Pacifico as one of 16 founding projects that demonstrate ‘climate-positive’ urban growth strategies.
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DETAILS

  • Document Date

    2013/08/01

  • Document Type

    Brief

  • Report Number

    99024

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Panama,

  • Region

    Latin America & Caribbean,

  • Disclosure Date

    2015/08/21

  • Disclosure Status

    Disclosed

  • Doc Name

    Panama - Pacifico Special Economic Zone (SEZ)

  • Keywords

    special economic zone;Air Force Base;Public-Private Partnership;direct foreign investment;master developer;private real estate;International Trade;urban growth;price of land;public sector loans;private sector finance;commercial space;business hub;government authority;investment climate;congressional approval;global corporation;private investor;land price;international good;strategic location;land speculation;land development;business hotel;diverse... See Less

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Citation

Panama - Pacifico Special Economic Zone (SEZ) (English). Public-Private Partnerships briefs Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/735661467999109169/Panama-Pacifico-Special-Economic-Zone-SEZ