Panama Moots Ship Financing Bill
By Aiswarya Lakshmi
March 14, 2016
With an aim to boost shipbuilding in the country and attract investment in its maritime industry, the Government of Panama has presented a new bill dedicated to the development of the mentioned industries, says the Panama Maritime Authority (AMP).
The bill was introduced by Álvaro Alemán, presidential minister and Chairman of the Board of Directors of AMP, Jorge Barakat Pitty, Minister of Maritime Affairs and administrator of the AMP, and Jose Isabel Quintero, CEO of Public Registry of Ship Ownership.
The new bill, referred to as the Shipbuilding Finance Promotion Law, will help create more jobs in the country hopes the Authority.
Among other things, the bill seeks the creation of an attractive investment environment that would facilitate the establishment of shipyards for the construction of large ships, container ships, as well as offshore wind farms in the Republic of Panama.
“Our privileged geographical position favors the development of these activities, which are not yet exploited in Panama,” AMP said in a press release.
Some 94 banks are established in Panama of which 50 have a general licence and 28 an international licence, 16 have a representation office. At end November 2015, total assets were up $97.67bn, compared to $89.98bn at December 2014.
A suitable environment for naval and maritime investment will generate a significant number of jobs. As a reference, about 7,500 workers are required for the construction of a Panamax ship, and the building takes about five years, AMP said.
