The Latin American Development Bank CAF and the Ministry of Economy and Finance of Panama signed a $ 125 million loan agreement for the teaching of English as a second language in Panamanians public schools.
The regional financial entity said on Thursday that the resources will serve to strengthen the strategies of the Panama Bilingual program developed by the Ministry of Education and that seeks the training of teachers and students.
During 2018, the program prepared more than 3,000 teachers in local and international trainings, and has impacted more than 130,000 students participating in the After School Program and the Kids Program, according to the information disseminated by CAF.
The representative of the financial institution in Panama, Susana Pinilla, said that for CAF "it is extremely important to support this initiative of the government of Panama that consists of training their children and young people in bilingual education, with English being a universal language that allows access to better education and more information and training".
"Panama is an example for the Latin American region by strengthening its state education system with bilingual training tools, which will allow students to better prepare for globalization, and which will be replicated in other Latin American countries", the executive added.
When announcing last December the approval of this loan, the CAF board said that among the expected benefits of the Panama Bilingüe program, the increase in the labor insertion rate and the expectation of generating higher income were highlighted.
"It is expected to train more than 150,000 students and 1,000 teachers each year through local training and specialized universities in the United Kingdom, United States, Canada and Barbados", said the multilateral.
CAF, constituted in 1970, is currently made up of 17 countries in Latin America and the Caribbean, together with Spain and Portugal, and 13 private banks.
It is one of the main sources of multilateral financing for the region, and its mission is to promote sustainable development and regional integration, according to the information on its website.