Arias, Fábrega & Fábrega acted as counsel to Citibank Japan Ltd., as arranger and administrative agent, in connection with a US$165 million dollar syndicated credit facility to the Madden-Colon Trust, a special purpose trust created by Concesionaria Madden-Colon, S.A. and the Republic of Panama, as settlors, and BNP Paribas Panama Branch, as trustee, to finance the construction and operation of the 42-kilometer Madden-Colon toll-road, linking Panama and Colon, the two terminal cities of the Panama Canal. Concesionaria Madden-Colón, S.A. is part of the Brazilian-based Odebrecht group.

The financial structure of this transaction required the assignment by Concesionaria Madden-Colon, S.A. to the Madden-Colon Trust of future toll rights and an undertaking by the Republic of Panama to make contributions to the Madden-Colon Trust to cover payment obligations, including those arising out of the credit facility. By using this structure, the Republic of Panama, in partnership with the private sector, made possible the construction of this long-sought project. This is the first time that this type of structure is used in Panama.

The Madden-Colon highway is considered a key element in the enhancement of Panama's world class logistic infrastructure. It will expedite the movement of goods between the Colon Free Trade Zone (-the largest of Latin America-) and the container ports located in Panama’s Caribbean coast and the ports located at the Pacific entrance of the Panama Canal. The highway will also reduce traveling time between the Pacific and the Atlantic coasts, thus facilitating the trans-isthmian flow of goods and people.