Panama Metro Line One
On December 31, 2013, MIGA issued a guarantee of $320 million to Citibank, N.A. and HSBC Bank USA, N.A. of the United States. The guarantee covers a loan as well as interest and other financing costs associated with the construction of the Line One Metro project in Panama City. The coverage is for a period of up to 15 years against the risk of non-honoring of sovereign financial obligations.
MIGA’s first guarantee to the project was issued on June 30, 2012. The primary purpose of this additional support is to permit the government of Panama to cover the residual funding gap for the project.