Monday, October 2, 2023

United Kingdom highlights Panama’s investment opportunities and features in ‘green’ infrastructure

Baroness Gloria Dorothy Hooper, Commercial Envoy of the Prime Minister of the United Kingdom and Member of the House of Lords of the British Parliament, is visiting Panama in a bid to strengthen commercial and investment ties between the two countries in areas such as “Growth Green” . , education and security.

As part of his program, Hooper will meet with the Chancellor of the Republic, Janina Tevane Menkomo, with whom he will discuss some aspects of the bilateral relationship in the context of “green growth” and sustainability, emerging from the memorandum of understanding signed by comes both nations. In 2022, Hooper will be in the country from May 30 to June 1, 2023.

Another important item on the agenda is the implementation of the current Association Agreement between the United Kingdom and Central America, which governs trade and cooperation relations between Great Britain and the sub-region.

He also participated in the “Green Growth: The Challenge of Sustainability” conference on Tuesday, May 31, jointly organized between the British Embassy and the Central American Bank for Economic Integration (CABEI). Hooper said, “I’m here (in Panama) now to take the program a little bit further (…) and to send a message not only to the people of Panama, but also to Central America.”

In her statements, the Baroness also highlighted the Central American country’s progress in terms of green growth and sustainable development.

“Panama has many opportunities and facilities. It is a country of beauty, and it is a green country, and we are looking to the whole world to figure out the best way to take this issue forward. Congratulations on the things it does, because it is one of the countries with the most to gain in this matter,” said the British baroness.

“Panama has many opportunities and facilities. It is a country of beauty, and it is a green country, and we are looking all over the world to find out the best way to take this issue forward. Baroness Gloria Dorothy Hooper
Business Envoy of the Prime Minister of the United Kingdom

The conference seeks to foster local and regional discussion of specific topics such as green hydrogen, electric mobility, waste management and sustainable infrastructure. In this regard, Rosilena Lindo Riggs, National Undersecretary of Energy, said that Panama is a country where more than 80% of electricity is generated, and that is why it is important to create a legal framework of public policies, a country that To become one that produces not only green hydrogen, but also green ammonia, green e-methanol and kerosene.

“They are the future replacement of fossil fuels for the marine, aviation and terrestrial sectors. Diesel-powered trucks and heavy equipment can use green hydrogen as a 100% clean energy source that comes from water and renewable electricity, Lindo told during the congress.

The Baroness, for her part, stressed that in order to achieve the goal of stability in the world, all countries must cooperate, because if only one does a good deed, it is not worth as much as all following the example. We do.

Hooper said, “That’s what Panama has, it’s an example to the whole world.”

CABEI’s Country Manager in Panama, Carlos Moreno, said that there is a need to step up and take action to promote projects and programs that effectively promote stability, promote growth, but do not harm the globalized world. Not for, but take care of. environment and that truly respects the word of being sustainable.

In this sense, Moreno highlighted that CABEI is very committed to Panama in all these advances and one of the transversal axes is environmental and social sustainability, effectively making available all kinds of resources to the countries; “Whether it is resources for collaboration, for analysis and studies, for funding, but even more so, to be able to promote programs and projects compatible with key actors that effectively impact development, on development But it also does not have a negative impact on the environment.

With regard to progress in Panama, he remarked that officials are working on various initiatives and there is a clear path, but it must be implemented. “It is being done in the best possible way, but it is important to involve all actors, private sector, public sector, institutions, so that it moves in a better way and its impact is seen faster. Challenge them to action Have to keep,” he said.

At the same time, he pointed out that CABEI has been financing infrastructure projects in Latin America and Central America for more than 60 years and has become more legitimate in recent years. Thus, around 40% of the funding granted is linked to global sustainability, green growth, renewable energy and energy scarcity.

“The bank’s portfolio is about $8,000 million or $9,000 million, and projects (financed) in recent years linked to environmental and sustainability issues are about $2,000 million,” Moreno said.

He added that CABEI is increasingly focusing on promoting this type of project. In fact, in 2016 and 2019 the Board of Governors, its highest authority, issued statements promoting and exhorting the bank to take an increasingly transnational role in supporting this type of project.

CABEI is a multilateral bank founded in 1960 by the countries of the region, and today has a membership of 15 countries in Central America, Panama and the Dominican Republic. among others.

World Nation News Desk
World Nation News Desk
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news