Panama Metro finishes the inspection and signs contract with FCC Construcción and Odebrecht to build Line 2

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10/08/2015

Panama Metro finishes the inspection and signs contract with FCC Construcción and Odebrecht to build Line 2

After an extensive process, on 24 July Panama Metro announced that, once the inspection is finished, the contract documents drawn up with the Line 2 Consortium (L2C), made up of construction companies Norberto Odebrecht, S.A and FCC Construcción S.A, will then be signed. This contract will now be sent to the Comptroller General of the Republic of Panama to be checked.

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L2C received the award on 14 May as a result of the tender process which began on 15 September 2014. As part of the contract negotiations, the Ministry of Economy and Finance revised and approved the financing amount. The contract is for the sum of 857,708,728.90, while the financing cost is 205,044,945.22.

FCC Construcción and Odebrecht, as contractors, agree to finish the works in 44 months and have submitted the legal guarantees, bonds and safeguards established in the contract and the tender notice, among which is a performance bond for the sum 310,712,870.54 (15 % of the contract amount), plus an additional 5% the first year; an advance payment bond of 100 million (100% of the advance payment) and a payment bond for third parties for the sum of 50 million.

These bonds were issued by ASSA Compañía de Seguros, Compañía Internacional de Seguros and Del Istmo Assurance Corp and a world-class insurance group.

In its first phase, Line 2 of the Panama Metro will include 21 kilometres of elevated railway lines, 16 stations, located in the most concentrated user points from Nuevo Tocumen, in the far east of the capital, to San Miguelito, in the north of the capital, where it will cross Line 1 of the Panama Metro, which is 16 kilometres long, also built by FCC Construcción and Odebrecht and which began operation in April 2014.