Press Release
The Board of Directors of the Fondo de Ahorro de Panama elects its new Chair and Vice Chair
Panama | July 11, 2024
The Board of Directors (the “Board”) of the Fondo de Ahorro de Panama (“FAP” or “Fund”) announces that directors Mario Amaya and Moisés Cohen Mugrabi have been appointed president and vice president of the Board, respectively. This appointment was made at a regular Board meeting held on July 11, 2024, and it was unanimously resolved to make it effective on July 12, 2024.
Both Director Amaya and Director Cohen have served as members of the Board since 2019.
“I am proud to have been elected by my fellow directors as president, and I look forward to working collaboratively with the rest of the board to fully fulfill the mandate entrusted to this Panamanian savings vehicle, safeguarding its capital with high standards of transparency and diligence for the benefit of all Panamanians,” said Mr. Amaya.
Mr. Amaya has a degree in Business Administration from the University of El Salvador, San Salvador, El Salvador, and over 36 years of experience in the regional corporate sector. Additionally, Mr. Amaya has served as an advisor to the Board of Directors of the Chamber of Commerce, Industries, and Agriculture of Panama (CCIAP) and has been president of the Active 20-30 Club. He was Director of EAN/GS1 and former General Manager of Grafocentro S.A. for Panama and the Caribbean of the SG/Heidelberg Group (Germany). He is currently a Director of the 911 Board and the Private Sector Council for Educational Assistance (CoSPAE, in spanish).
Mr. Cohen is the founder of the Fundación Emprendamos, a non-profit organization that strategically focuses on empowering Panamanian youth. As a prominent Panamanian businessman with an outstanding career in the banking sector, he has over 35 years of experience. He was President of the Banking Association of Panama and founder of Capital Bank, a banking institution that began operations in 2008 and achieved a prominent position in the Panamanian market under his leadership. In addition to his success in banking, Mr. Cohen Mugrabi served as director of the Panamanian Association of Business Executives (APEDE) and is an active member of various business and social associations. His education includes studies in Law and Political Science at the Universidad Santa María La Antigua and a Master's degree in Commercial Law from Stanford University in the United States.
About the 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
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