Summary of Proposed Investment
Project Number
8526
Company Name
ICA Panama, S.A.
Date SPI Disclosed
May 6, 1998
Country
Panama
Industry
Infrastructure
Status
Completed
Sector
Highway Operations (Includes Toll Roads)
Department
Regional Industry INF LAC & EUR
Environmental Category
A - Significant
Previous Events
Approved : Jun 25, 1998
Signed : Sep 29, 1999
Invested : Nov 2, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Panama-Corredor Sur |
| Region | Latin America and the Caribbean |
| Sector |
Projected Board DateJune 11, 1998
Company NameICA Panamá, S.A.
Technical Partner and/or Major Shareholders
The project sponsor and sole shareholder of the project company is Empresa ICA Sociedad Controladora, S.A. de C.V., Mexico’s leading engineering and construction group.
Project Cost Including Proposed IFC Investment
Project Cost: US$210 million
Proposed IFC Investment: A Loan: US$35 million
B Loan: US$50 million
Location of Project and Description of Site
The Corredor Sur project is an urban toll higway located in Panama City. The toll road will link the financial district, located in the city centre, with the eastern sector of the city which includes Tocumen International Airport.
Description of Company and Purpose of Project
ICA Panamá, S.A., a Panamanian-registered company, has been awarded the concession to design, construct, maintain and operate the 19.5km, four-lane, toll highway for a period of thirty years. The project will relieve traffic congestion and create a high quality link along the east-west axis of the city. Economic benefits will arise through reduced travel time and lower vehicle costs. IFC’s participation in this project will: (i) assist the government to increase efficiency in the transportation infrastructure sector, (ii) help the sponsors to implement an important project by mobilizing long-term financing from foreign sources, and (iii) assist the government and sponsor in addressing environmental issues associated with the project.
Environmental Category and Issues
This is a category A project under IFC’s environmental review procedure. Key environmental issues include: resettlement, land acquisition, marine resources, secondary socioeconomic impacts; water regime maintenance; erosion and flood control; construction impacts ambient noise; air emissions; cultural property and sites; sensitive ecosystems; employee training and general worker health and safety. The sponsor has began the resettlement process based on the plan prepared by the sponsor and submited to IFC. The sponsor will hire an environmental specialist to implement the Environmental Management Plan and to assist the sponsor in the implementation of any additional environmental measures to ensure compliance with World Bank guidelines and policies.
The are from the Public Information Center.
| Host country location of environmental documents | Instituto de Recursos Naturales Renovables (INRENARE) |
Date SPI sent to InfoShop May 6, 1998
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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