Tis series provides an overview o successul public-private partnerships in various inrastructure sectors,where IFC was the lead advisor.Tis version refects updated results collected through a ormal project post-completion monitoring review.
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The Panama Pacifco project is transorming the ormerHoward U.S. Air Force base outside Panama City into a hub orinternational trade, logistics, services, commerce, and industry.As principal advisor to the government, IFC recommended thata private investor develop the 2,500 hectare site through theestablishment o a special economic zone (SEZ) with a modernregulatory ramework and administration conducive to businessand direct oreign investment. The land received SEZ statusin 2005 and within two years a private master developer wasselected and a master development agreement signed.
Panama: Panama Pacifco SEZ
One o the largest development projects in the world, Panama Pacifco capitalizes onits strategic location at the entrance to the Panama Canal and its close proximity toPanama City, the capital. London & Regional Properties (L&R), a global private realestate development frm, won the bid or the 40-year concession. L&R committed toinvest a minimum o $405 million over the frst eight years o the project, o which$20 million was paid up ront, and a minimum o $100 million or each eight-yearperiod aterward. Panama Pacifco is expected to attract $3 billion in direct oreigninvestment and create an estimated 20,000 new jobs.
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