The master developer of Escudo de Veraguas (to be referred to as “the project”) will be by HES International, S.A., IPPCorporation and the Ngobe (Ngabe)-Bugle´Indian Tribe. Escudo de Veraguas is an island off the east coast of Panama in Bocas del Toro Province. HES International owns 100% of the land and holds the master concession for Isla de Veraguas and the 2,000 meter inland from the high water mark coastal zone strip (approximately 150 miles) on the mainland. A Board of Governors has been appointed to administer the island. The Board includes an ex-Prime Minister, an International Attorney and the Ngobe-Bugle´Comarca Representative to Congress, also an attorney.
The Phase 1 property is Isla Escudo de Veraguas (the project). It is comprised of 840 acres (3.4 square kilometers) with pristine white sand beaches and 247 acres of coral reef with 55 coral species. It has been referred to as the “Jewel of Panamaʼs islands”, and until last year, held a National Park designation. This designation was removed by an act of law, Law 11, dated March 26, 2012, in order to allow the Ngobe-Bugleʼ to develop tourist activities and promote employment in the region. The following map shows the boundary for this development (which will occur in several phases).
A description of the island and the people living in the area, notably the Ngobe-Bugle´ Indian Tribe, is noted in Part 1 of this report. The IPP Corporation, HES International, S.A. and the Ngobe-Bugle´are the groups involved in the proposed project development. They have other information concerning ﬁnancing, company descriptions and business arrangements in separate documents. The intent of this report is to suggest market uses and note any potential problems that may exist in the development of the project. Some areas of concern for visitors to the area would be the climate and the ease of transportation coming and going from the site.