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Banking and Finance

At Alfaro, Ferrer & Ramírez (AFRA), we represent local banks and international private financial institutions. Our range of services spans from handling everyday regulatory matters to structuring complex financial and securitization agreements.

Our team handles both transactional and regulatory cases, with a notable strength in advising international lenders, while also being active on the borrower side. We are trusted advisors to local and international companies seeking credit lines for significant public and private construction projects. Additionally, we provide legal assistance in multilateral financing through foreign development agencies, supporting energy and real estate projects.

We offer comprehensive services to regional financial entities across various banking and financial matters in Panama. Our team is well-positioned to provide guidance on secured and unsecured loans and the financing of public and private projects, including public infrastructure construction. Furthermore, we offer legal services to multilateral entities in structuring credit lines for SMEs and “green” financing.

One of our advantages lies in our multidisciplinary approach, allowing for timely collaboration and assistance to our clients across the broad spectrum of banking and financial law services

Our project financing team represents multilateral institutions such as the Inter-American Development Bank, the Inter-American Investment Corporation, Deutsche Investititions-und Entwicklungsgesellschaft mbH (DEG), and the Andean Development Corporation, among others, in financial transactions for projects ranging from hydroelectric plants to infrastructure construction.

We offer our clients efficient solutions, innovative products, and programs to assess risks in line with new legislation. Our highly skilled team approaches issues from both a business and legal perspective.

Our experience in local and multi-jurisdictional matters includes:

  • Obtaining regulatory permits
  • Contract creation related to client relationships
  • Licensing of personnel
  • Drafting of operational manuals
  • Engaging in administrative processes before regulators such as the Superintendency of Banks of Panama and the Ministry of Commerce


  • Ranked in Band 3 of the prestigious British Chambers and Partners 2024 Latin America Guide.
  • “Alfaro, Ferrer and Ramírez assisted us with day-to-day banking mandates. Their work has made them essential allies supporting us and providing high quality services.” Client for The Legal 500 2024 Latin America Guide.
  • Tier 2 recognition by the prestigious British directory The Legal 500 in its Guide for Latin America.
  • “This group assisted and advised the banks regarding the procedures for corporate structuring, and the conducting the work for the financing and borrowing for projects. The team also worked in Panamanian capital and credit markets and share offers, at the same time offering assessment on insurance and re-insurance matters. We rendered support to IDB Invest recently on subordinated loans of up to USD$20 million to St. Georges Bank of Panama. We also participated in financing of USD$28.5 million to the Panamanian commercial bank Unibank, from funds provided by the Dutch development bank FMO.” Editorial Latin Lawyer 250 - 2023
  • Recognized as “Highly Recommended” by Latin Lawyer 250 – 2023

Notable Transactions:

  • Advisedhe Spanish construction company FCC in securing USD$450 million financing led by the Central American Bank of Economic Integration (Banco Centroamericano de Integración Económico – BCIE) in a long-awaited public project called Beach Corredor – Phase I.
  • Acted as legal counsel for Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) in the USD$15 million loan provided to the Banco Internacional de Costa Rica, S.A. for sub-loans to medium and small enterprises in Central America during 2020.
  • Acted as legal counsel to IDB Invest on the USD$60 million financing to a Panamanian entity for total ownership of Selina Holding Company, S.E. This investment aims to promote the re-activation of sustainable tourism in Latin America and the Caribbean during the COVID-19 pandemic.
  • Advised Banco Aliado on the acquisition of the Banco Panamá for US$ 130 million.
  • Supported Global Bank Corporation (borrower) with a non-secured loan of USD$60 million granted by the International Development Bank as part of the IDB initiative for medium and small enterprises and companies led by women.



María Alejandra Cargiulo Velarde


Roberto F. Harrington A.


Luis R. López Alfaro


Daniela Meana Alfaro


Ana Cristina Negrón C.


Ana Raquel Sedda R.


Alfredo Ramírez Pabón