It was the largest ever business transaction between the U.S. and Panama.
The ceremony took place at the U.S. Department of Commerce, soon after the signing of a tax disclosure agreement between the two countries.
Panamanian vice president and foreign minister, Juan Carlos Varela represented the government at the ceremony along with the chief executives of both companies: Pedro Heilbron of Copa Airlines, and Jim Albaugh of Boeing.
The 32 aircraft will be delivered between 2015 and 2018, and are part of the planned growth of the company, said Heilbron.
Copa Holding's president, Stanley Motta, and Vice President of Finance, Victor Vial, shared details of the funding for the deal, which was supported by a group of international banks such as Citibank, JP Morgan Chase, BNP Paribas, and Bank Exim.
Motta said the loan was agreed at very low rates for the guarantees provided by the Exim Bank.