English translation of Comptroller Agreement to Contract with Bananapina

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Comptroller  Agreement between the State and Banapiña de Panama SA

 

Signed April 5, 2017: The General Comptroller of the Republic hereby endorsing the contract between the State of Banapiña de Panama SA. This contract in accordance with the terms and conditions aims at the development of a project with a view to reactivating banana activity, creating new jobs and Economic investments with direct and indirect impact on the social and economic aspects of the Baru – Alanje and Chiriqui Grande – Bocas del Toro areas.

It is estimated that the project will be developed within a period of no more than seven years with a minimum investment by Balboas $ 100,000,000.00, generating an approximate 3,100 direct jobs and the consequent generation of 12 thousand indirect jobs in the trade and services activities.

“It is a technical contract and extensive, but a consensus was reached that guarantees the best interests to the State, generates benefits to the banana company and guarantees the Region of Baru its economic revitalization. It took time, but this long awaited contract for the people of Baru will produce very positive results. ” said the Comptroller.

The contract already approved must pass through the corresponding legal procedures to be formulated as a Contract Law after its approval by the Legislative Assembly.

 

***See the article about how this agreement finally came to be: What’s Up With Del Monte in Puerto Armuelles?

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