Arias, Fábrega & Fábrega acted as counsel to Scotiabank in a factoring transaction pursuant to which the bank agreed to purchase certain accounts payable, up to US$70 million, to be issued by the Ministry of Public Works of the Republic of Panama, from Concesionaria Madden-Colón, S.A., an affiliate of Brazilian company Construtora Norberto Odebrecht, S.A. 

These accounts payable will be issued in connection with the construction of the Madden-Colón portion of the Transisthmian Highway of Panama.

The Panama City-Colón Highway links the country’s two largest cities: Panama City, on the Pacific Coast, and Colón, on the Atlantic side. This route makes it possible to ship merchandise between the two ports – the main hubs of the Panamanian economy – in just 50 minutes.