Panama's government approved a 20-year loan agreement worth nearly $626 million with the Japanese government on Thursday to continue work on the second phase of a major public transit line southwest of the capital.
According to the government, the Line 3 metro system spans 17 miles (27 kilometres) and includes 14 train stations. The work funded by the new loan agreement will benefit half a million people in the Central American country's Panama Oeste province.
The Japanese funding boost will also allow the transit system to deploy "high-quality monorail vehicles," according to officials.
Finance Minister Hector Alexander lauded the agreement's positive contribution to Panama's efforts to combat climate change in a statement. He also emphasised that the project's job creation effects will be felt "not only in Panama Oeste, but throughout the country."
The funds will be distributed over a three-year period.
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