The Cabinet Council authorized Panama's ambassador to Italy, Fernando Berguido, to sign a contract with Selex, Agusta Westland and Telespazio - subsidiaries of the company Finmeccanica - for the acquisition of two AW-139M helicopters for 29 million euros, which is $30.4 million at the current exchange rate.
The authorization of the Cabinet Council is part of the follow-up of the termination agreement between Panama and the Italian company.
"The amount to be covered by this contract is the result of a loan arising from the resolution of the agreement between Panama and Finmeccanica," said the Department of State Communication.
Berguido indicated that the 29 million euros are part of the "recovery of dilapidated public assets."
The agreement established that the credit in favor of Panama would be used "exclusively" for the acquisition of helicopters or any other equipment or service offered by Finmeccanica and its subsidiaries at the discretion of the Panamanian government.
Minister of Public Security Alexis Bethancourt said that the helicopters will provide support to vulnerable communities.