Panama, Dec. 19 -- The World Bank's Board of Executive Directors approved today an innovative operation for Panama that combines three World Bank Group financial instruments to strengthen fiscal sustainability and facilitate the mobilization of private investment, contributing to economic development and job creation.The operation includes a US$500 million Development Policy Loan for Fiscal Management and Growth, and two World Bank Group guarantees to back a commercial loan of up to US$1.4 billion. These consist of a US$600 million Policy-Based Guarantee from IBRD and a second-tier Sovereign Financial Obligation Guarantee from the Multilateral Investment Guarantee Agency (MIGA).Together, the two guarantees cover 95% of the loan and interest...