A USD3.15 million project preparation grant to support the modernization of Panama Tocumen International Airport (PTY) to accommodate rising transit demand was approved by the Multilateral Cooperation Center for Development Finance (MCDF) Governing Committee during its meeting in Riyadh, Saudi Arabia on 17 December. The project will be implemented by the Development Bank of Latin America and the Caribbean (CAF).
The MCDF grant will help define investment and financing plans for enlarging PYT’s air traffic capacity. The airport currently attracts 25 million passengers annually, 80% of which transit to and from other Latin American and Caribbean and global gateways, and it is also an important regional cargo hub.
The MCDF grant will co-fund with CAF a feasibility study for PTY's modernization, drawing on International Financial Institution standards and aiming to achieve efficiencies at the airport.
More information about the estimated investment and expected results will be shared once the studies are finalized.
Contact
David Hendrickson
Senior Communications Officer
Mobile: +86 185 0114 6758
david.hendrickson@themcdf.org
