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Panama Maritime Authority tables ship financing bill

Panama Maritime Authority tables ship financing bill
Alvaro Aleman Minister of the Presidency and chairman of the board of directors of the Panama Maritime Authority (AMP) and Jorge Barakat Minister of Maritime Affairs and AMP Administrator have presented a bill to the National Assembly for the financing of vessels.

The bill responds to the needs to adopt measures that will boost the financial sector and maritime trade in Panama.

The bill seeks to create an attractive environment for international investment banking and financial institutions that provide naval financing and to financial institutions established in Panama aiming at encouraging the growth of Panama’s banking sector.

At the same time, the bill would facilitate the creation and establishment of shipyards for the construction of large ships, containerships and offshore wind farms in the Republic of Panama.

“Our privileged geographical position favours the development of these activities, which are not yet exploited in Panama. The bill also includes a favourable environment for the granting of naval mortgages for the vessels registered in Panama,” said Barakat.

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.