Press Release

The Fondo de Ahorro de Panama Welcomes a New Board Member

Panama | March 1, 2021

The Fondo de Ahorro de Panama (“FAP” or “Fund”) references the February 1, 2021, announcement by the National Assembly of Representatives ratifying the appointment of Jose Nessin Abbo as a new member of the board of directors of the Fund, and the oath of office ceremony administered today March 1, 2021, by Minister Héctor Alexander, Ministry of the Economy and Finance.  Mr. Abbo replaces prior board member, Mr. Julio Javier Justiniani.

Mr. José Abbo is a financial markets expert with over 30 years of experience and an author of several international financial and economic publications.   Mr. Abbo was a prior board member of the Fund from 2012 to 2020, first serving as a vice-president and then as president of the board.  During his tenure the Fund made significant improvements in terms of transparency and governance, including the 2018 amendment of the FAP law, which strengthened the Fund's organic growth and long-term investment sustainability.

Anamae Maduro de Ardito Barletta, president of the board of directors of the FAP, stated “on behalf of the Board of Directors and the executive team we welcome Mr. Abbo.  Mr. Abbo’s contribution, dedication and financial expertise is recognized by this Board, and we look forward to working with him as we continue to strengthen the Fund.”

Mr. Abbo commented “I am proud to be part of the FAP and its Board, which has been internationally recognized for its high degree of independence and transparency; I look forward to helping the Board continue on its path to enhancing the Fund's corporate governance practices.”

About the Fondo de Ahorro de Panama
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and

  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com

For additional information visit www.fondoahorropanama.com
 
 
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