Review of the Reverted Assets Administrative Unit
With the signing of the Torrijos-Carter Treaties on September 10, 1977, the process of dismantling the Canal Zone began in our country, and therefore, the reversion to Panama of all the areas that were part of this zone. Gradually, starting in 1979, the Republic of Panama took possession of these assets, however, at the beginning and through Law No. 17 of August 28, 1979, all the reverted areas were national uncultivated lands declared in the public domain. , that is to say, non-adjudicable, which could not be offered for sale to private entities, thus leaving their use, conservation and exploitation assigned to the Panama Canal Authority, a Panamanian agency recently created by that same law.
In 1993, the Government of the Republic of Panama, by Law N°5 of February 25, 1993, subsequently modified by Law N°7 of March 7, 1995, created the Authority of the Interoceanic Region (ARI), whose primary objective was to exclusively exercise the custody, use and administration of the reverted assets within the national guidelines and policies established by the Panamanian State, in accordance with the General Land Use Plan and partial development plans to be approved in the future for their better use, in coordination with the competent agencies of the State, so that the Reverted Assets are gradually incorporated into the integral development of the Nation.
At the end of 2005, the ARI would cease to exist, to then give way to the creation, by Executive Decree N°67 of May 25, 2006, to the Administrative Unit of Reverted Assets (UABR), which as part of the Ministry of Economy and Finance, and after the total reception of the reverted areas on December 31, 1999, it would continue with the administration, custody and maintenance of the areas that are promoted for their productive integration to the development of the Nation, this contributing to the well-being and progress of the Panamanian community.
It is important to note that, in its 12 years of operation, the ARI received 137,127.74 hectares and 13,868 properties including homes, buildings and facilities, providing the Panamanian State with an income from sales and rentals exceeding 400 million dollars.
Currently, the UABR continues to promote investment in reverted areas that still needs to be adjudicated, holding public auctions for the award of these assets. As a product of sales and leases, the UABR continues to contribute millions of dollars to the State and has the firm commitment to continue offering a range of options for investment projects and the establishment of commercial services. These opportunities well received by investors and provide the new communities established in the reverted areas with all kinds of commercial services.
This commitment, That is assumed by the National Government, aims to strengthen a development pole in harmony with our geographic location and with the commercial and service vocation of our Nation, seeking to maximize the benefit that Panamanians can obtain; at the same time to report on the value and benefit that these areas have for the development of the maritime, logistics, industrial, tourist, commercial and residential sectors, both locally and internationally.