Press Release
Interview of Chairman José N. Abbo at the 2017 Spring Meetings of the World Bank and International Monetary Fund
Panama | April 28, 2017
To watch the interview, click on the image.
The Chairman of the Fondo de Ahorro de Panama (“Fund” or “FAP”), José N. Abbo, was interviewed on April 22, 2017, by Alexandra Klopfer Hernandez from the Treasury of the World Bank during the 2017 Spring Meetings of the World Bank and International Monetary Fund, held in Washington, District of Columbia, USA.
During the interview, Mr. Abbo spoke about the constitution of the FAP, highlighting that it is the only sovereign wealth fund in Central America, thanks to the work done by the executive team, under the leadership of the Secretariat, Abdiel A. Santiago M. Mr. Abbo further commented that in this process the FAP has taken significant steps towards its institutionalization and strengthening its corporate governance.
In that regard, and on behalf of the FAP’s Board of Directors, Mr. Abbo stressed that “the guidance provided by the World Bank since the beginnings of the Fund was valuable in forging the foundations that allowed us to accomplish our objectives, including being named as the second most transparent sovereign wealth fund globally." (Read press release here.)
Mr. Abbo emphasized that the key to this success has also been the fact that the FAP has an independent Board of Directors, which bases its decisions on fundamental pillars of corporate governance, and clear objectives and mandates typified in the Law.
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.
Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com
For additional information visit www.fondoahorropanama.com
###