Panama's National Assembly has approved the first steps toward the 'reactivation' of banana production under Del Monte subsidiary Banapiña, according to Panama America. 

The deal will see the company invest more than US$100 million in banana production over seven years.

The National Assembly approved Bill 488, establishing the contract number 36-2017 for banana production in Chiriqui and Bocas del Toro.

Some 3,100 direct jobs and 12,000 indirect jobs are expected to be created.

The project will be implemented at a rate of 800 hectares per year, with an annual average per-hectare productivity of 2,725 boxes anticipated.

The contract establishes the lease of land, its conditioning for agricultural activities for bananas, the installation of an irrigation system, the construction of infrastructure for the packing and export of fruit, and any other improvement needed.

The contract will last for 20 years and will be automatically renewable for the same period of time under the same terms and conditions, except for tax exemptions, which must be reviewed by the State.

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