One of the main road improvement projects in Panama is the Coastal Beltway or "Cinta Costera" project. This project which phase 1 started in October 2007, intends to decongest the road network of Panama City by providing a bypass route past the city while adding around 25ha of park area for the use of city residents.

Arias, Fábrega & Fábrega represented The Bank of Nova Scotia (Panama Branch) in the financing of a portion of the road reorganization program relating to the third section of this coastal highway in Panama City. The contractor is Constructora Norberto Odebrecht, S.A., a Brazilian company.

It included the first time that partial payment certificates issued by the Panamanian Government were purchased on the basis of a Promise to Purchase and Sell Agreement.

Panama is playing an outstanding role in Latin America and landmark projects like the "Cinta Costera" give a boost to local competitiveness. ARIFA has advised in the financing of the phase 1 and phase 2 of the coastal highway which runs along the Pacific Coast, the main artery in downtown Panama City.