Arias, Fábrega & Fábrega has advised Banistmo S.A., in connection with a US$137 million Receivables Purchase Agreements to enter by and between Constructora MECO, S.A, as assignor, The Bank of Nova Scotia as assignee and Banistmo S.A. as assignee, arranger and administrative agent, pursuant to which the assignor will assign all of its payment rights arising under a government contract entered into by Constructora Meco, S.A. with the Ministry of Public Works for the study, design, construction, financing and maintenance for the expansion of the Panamerican Highway (Vigui-San Felix portion).

The payment rights to be assigned by Contructora MECO, S.A. will be evidenced in partial account certificates (cuentas de pago parcial) issued by the Ministry of Public Works and countersigned by the General Comptroller Office that will be purchased by the assignee banks on a discount basis.

The improvement of the Pan-American Highway will increase commercial exchange between Panama and Central America, by reducing the cost of transportation of agricultural commodities, and increasing tourism in the Western region of the country.