Arias, Fábrega & Fábrega has advised HSBC Bank (Panama) S.A., as assignee, in a US$30 million non-recourse receivables purchase financing to design, build and equip four hospitals located in different cities in rural Panama. The four hospitals - Dolega, Macaracas, Tortí and Río Rita - are to be built in areas that traditionally have had difficulty receiving access to top-line health care.

There are four assignors of the HSBC-backed financing: HPC-Contratas-P&V, S.A. composed by Hispano Panameña de Construcciones, S.A.; Contratas Iglesias, S.A.; Constructora P&V, S.A.; and Soluciones Arquitectónicas, Ingeniería y Construcción, S.A. (SICSA).   

The payment rights acquired by HSBC were documented by "no objection" certificates (certificados de no objeción) issued by the Ministry of Health. The certificates were countersigned by the General Comptroller Office, which evidenced an irrevocable payment obligation of the Republic of Panama for the amounts stated in each certificate. 

In January 2012, ARIFA advised Banco Bilboa Vizcaya Argentaria (Panama), S.A. (BBVA) in connection with a similar financing for the Omega Ciracetas consortium. Those financings created three new hospitals in the rural towns of Río Sereno, Llano Cartí and Puerto Caimito, respectively. ARIFA is carrying out these transactions using the regulations that the firm drafted for the Luis "Chicho" Fábrega hospital financing in December 2011.