US$610 million Financial Stimulus Program of the government of Panama

Arias, Fábrega & Fábrega represented Banco Latinoamericano de Comercio Exterior, S.A. (BLADEX) in the negotiation of an agreement with Banco Nacional de Panamá, as trustee, whereby BLADEX will perform credit analysis of all local banks licensed in Panama that wish to have access to a $610,000,000 fund created by a special government program known as the "Financial Stimulus Program", established by the government of Panama to ensure that credit continues to flow in key sectors of the Panamanian economy while the current tight credit conditions prevail as a result of the global recession.

BLADEX, a leading bank in Latin America in providing export financing and one of the largest banks in Panama, was chosen by the government due to its ample expertise in lending to other financial institutions in Panama and in the region.