Arnold & Porter recently advised the Republic of Panama and its Ministry of Economy and Finance in connection with a loan provided by Banco Bilbao Vizcaya Argentaria. The loan is supported by a policy-based guarantee from the International Bank for Reconstruction and Development (World Bank) and a second-tier sovereign financial obligation guarantee from the Multilateral Investment Guarantee Agency (MIGA), which enabled the Republic to obtain favorable financing terms. The loan is denominated in Japanese yen in an amount equivalent to US$1.4 billion.
The Arnold & Porter team that advised Panama included counsel Arturo Caraballo, senior associate Mateo Morris, associate Lica Porcile, and partners Whitney Debevoise and Greg Harrington. Partner David Sausen and associate Lauren Olaya advised on tax matters.*
*Bruno Woicik, a visiting attorney from Brazil, also assisted the team with aspects of the deal. Woicik is admitted to practice law only in Brazil. He is not engaged in the practice of law in any U.S. jurisdiction.