Reverted Areas generate revenues of $495 million in contracts and commercial sales

October 19, 2022

The executive secretary of the Administrative Unit of Reverted Assets (UABR), Fernando Paniagua, denied that the UABR has lost capacity by going from an autonomous entity to being part of the Ministry of Economy and Finance, and said that they have always counted on the backing of Minister Héctor Alexander.

He affirmed that for 16 years that they became the UABR they have been able to generate income for the state for 495 million dollars, and since he has been in charge of the entity they have entered some 47 million dollars directly and today they are leased, through contracts, about 100 commercial premises and concessions. There are also Panamanians who are developing their commercial activities within the reverted areas. In addition, it seeks to promote the generation of jobs.

The official explained that the development plan for the reverted areas that was implemented when Nicolás Ardito Barletta was administrator of the former Interoceanic Region Authority (ARI), established the development of the 137 thousand hectares that passed to the jurisdiction of Panama. There are currently some 4,000 hectares available for development and fundamental aspects of that original development plan have been revisited.

He said that allocations have been made in those 4,000 hectares for government projects such as the Health City, the land for the Oncology Hospital, land for the Nursing and Medical Schools, new headquarters for state universities, and one or another In this way, we are using these areas for state projects, but there is also another important group for private development and investment.

Master plan and development

Now the Amador master plan developed by the Interoceanic Region Authority is being taken up again and many things that are seen today in Amador come from that master plan, for example, the expansion of the Causeway and the Panama Convention Center itself, the terminal of cruises of Amador, the connection of the Cinta Costera 3 with Amador, which is an element of road or road improvement, and all these attractions generate a complement to the new convention center.

Regarding the cruise port, he indicated that the information he handles is that it is about to start with the boarding of the first cruise ships and the connection of Coastal Beltway 3 with Amador next summer should be more or less ready and will help the when the cruise tourists arrive.

“In the Reverted Assets Unit, what we are doing is promoting the development of these areas with complementary activities such as new restaurants, cafeterias, boutiques, hotels, and we have received proposals to develop an open-air artistic center and we are analyzing which of the proposals It will be the most convenient”, he assured.

He indicated that there are some lots that have a logistical vocation and others for tourism, and there are investment contracts for 25 million dollars, but in logistics, there are still 150 hectares to develop in Colón, and we are seeking to promote these areas for the benefit of the province, Secretary Paniagua noted.

Figali Convention Center

He stated that regarding the building where the Figali is located, when the new administration arrived they found a building in very poor condition, and it is an area that has a vocation for artistic and cultural activities, and today it is being used by the Ministry of Health for the care of Covid patients, but that already has a completion date.

Regarding the Figali, he said that the goal is to safeguard a property that belongs to the state, which has an estimated value of 12 million dollars, and the improvements made to it. Amador Driveway Care.

Amador Driveway Care

Regarding the maintenance of the decoration and care of the Amador road, Paniagua stated that it is shared between the Ministry of Public Works and the UABR, but that President Laurentino Cortizo convened an inter-institutional team to work on the maintenance of the area and “Right now there are more than 12 institutions that are working in Amador, for plumbing, maintenance of green areas, electricity, and the work continues this week.”