Financing construction of the tunnel under the Panama Canal for the Line 3 of the Panama Metro system

Arias, Fábrega & Fábrega advised IDB Invest and the Export-Import Bank of Korea (KEXIM), as direct purchasers, and a syndicate of leading financial institutions—including Citibank, JPMorgan, Mizuho, Deutsche Bank, Santander, and BBVA—as indirect purchasers, in connection with a US$1.5 billion receivables purchase facility to finance the construction by HPH Joint Venture of the tunnel under the Panama Canal for Line 3 of the Panama Metro system.

This landmark public infrastructure project will connect Panama City’s metro system with the towns of La Chorrera and Arraiján, significantly improving the daily commute of tens of thousands of Panamanians living in these densely populated areas west of the Panama Canal.

This transaction received the Latin Finance 2026 Deal of the Year Award, in the category of Infrastructure Deal of the Year for Central America.