Financial Tower Will Not be Paid for by State Money

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Panama Financial Tower Rendering

Panama Financial Tower Rendering

Frank De Lima, Panama’s Vice-Minister of Economy and Finance announced that the Financial Tower on Balboa Avenue will be funded by a public-private partnership and will not cost the government any money.  This new tower is taking the place of the former United States Embassy.  More information below from La Prensa-

Financial Tower will not cost the State a penny, says official

The construction of the financial tower, on the land previously occupied by the United States Embassy in Panama, will not cost the government a penny.

This was reiterated yesterday morning by Vice-Minister of Economy and Finance, Frank De Lima, who explained that this project was formed as a public-private partnership.

On the TVN news program, De Lima said that the State’s contribution to the project is the land on which the building will be erected (located on Balboa Avenue).

The company that is contracted for these public works will be expected to develop and construct the project and to allocate 60 percent to the sale or rental of locales, leaving 40 percent to be paid in rent by the State institutions that will be relocated there.

“These budget lines to pay the 40 percent are already in place, as they correspond to rent expenses that these institutions are already paying today for their current office spaces,” he said.

The official reiterated that no new budget will be allocated for this project.


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