Panama's economy and finance (MEF) minister Alberto Vallarino has presented a bill to congress to create state company Empresa Nacional de Autopistas (ENA) to manage the Corredor Norte and Sur tollroads.
The new entity will be better able to manage the state's resources and balance its needs with the flexibility needed to manage national highways, Vallarino said on the congressional website.
The bill was approved by the presidential cabinet in August, BNamericas reported at the time.
ENA's board of directors will include Vallarino, secretary-general Jimmy Papadimitriu, public works (MOP) minister Federico Jose Suarez, the director of transport authority ATTT Jorge Ricardo Fabrega and three additional members to be named by President Ricardo Martinelli.
The government will buy the tollroads, which are the main access roads to Panama City, for US$475mn. An additional US$285mn will be used to expand the Corredor Sur to six lanes and complete the stretch linking Corredor Norte to Tocumen international airport.
The Corredor Norte tollroad was awarded to Mexican firm PYCSA under a 30-year concession contract in 1997, while the 30-year concession of Corredor Sur was awarded to ICA in 1999.