Arias, Fábrega & Fábrega advised the lenders in the financing of the design and construction of the Phase III of the Panama City Coastal Avenue (Cinta Costera). ARIFA acted as Panamanian counsel to new York Branches of The Bank of Tokyo-Mutsubishi UFJ, Ltd., Sumitomo Mutsui Banking Corporation as Mandated Lead Arrangers, Bookrunners and Purchasers, and The Bank of Nova Scotia Panama Branch as Arranger and Purchaser in connection with a receivables purchase facility granted to the Panama branch of the Brazilian based Construtora Norberto Odebrecht, S.A., under which the Odebrecht is entitled to sell, on a discount basis, to the banks certain receivables arising from a government contract signed by Odebrecht and the Ministry of Public Works of Panama in connection with the construction of Phase III of the Cinta Costera Project. The proceeds of the financing will be used by Odebrecht for the design and construction of the Phase III.

The construction of the Phase III of the Cinta Costera Project is the largest out of the 5 government contracts awarded to various international contractors to improve Panama City Road Network. This project will link modern parts of Panama City with Panama's historic quarter and the new developments undertaken at the Panama Pacific Special Economic Area.

ARIFA also advised in the financing of the phase I and II of the coastal highway which runs along the Pacific Coast, the main artery in downtown Panama City.