The World Bank on Thursday announced the approval of a $150 million loan to support sustainable growth and climate resilience in Panama.
In a statement released to that effect by the World Bank, the Development Policy Loan (DPL) represents the first of two operations in the Central American country and are designed to support the energy transition, socially-inclusive growth and sustain capital for resilient growth.
According to the lender, policy reforms implemented under the program should generate results by 2025, adding that this should improve access to energy and internet in remote regions and help control deforestation of the country’s mangroves.
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It said the project is also expected to help Panama decarbonize its land transportation, protect its ocean, conserve forests and implement more energy efficient policies.
“This financial operation will enhance Panama’s efforts in establishing the policy foundations to foster the country’s sustainable economic growth, low emissions and resilience to climate change,” Panama’s economy and finance minister, Hector Alexander, said in the statement.
Story was adapted from Reuters.
