The Fondo de Ahorro de Panama Sings Technical Cooperation Agreement with The World Bank
Panama | March 18, 2016
Today in Washington DC, the Fondo de Ahorro de Panama (“FAP” or “Fund”) and the Treasury of the International Bank for Reconstruction and Development (“World Bank Treasury”) signed a technical cooperation agreement under the World Bank Treasury’s Reserve Advisory and Management Program. The World Bank Treasury was represented by Arunma Oteh, Vice President and Treasurer, Axel Peuker, Director of Financial Advisory and Banking; in representation of the Fund was, Abdiel A. Santiago M., Secretariat.
“The objective of this agreement is to enhance the Fund’s technical, managerial and governance skillsets, fostering a long-term management of the Fund’s assets, consistently with governing legislation and international best practices of sovereign funds,” said the Secretariat.
This agreement, agreed for a period of three (3) years, strengthens the institution-building process of the Fund and its technical capacity in the following areas:
- Investment Policies and Strategic Asset Allocation;
- Portfolio Management;
- Governance and Management;
- Framework for Selection of Global Custodians;
- Framework for Selection of External Asset Managers; and
- Investment Operations Framework.
About Fondo de Ahorro de Panama
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:
Establish a long-term savings mechanism for the Panamanian State; and
Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.
For additional information visit www.fondoahorropanama.com