The University of Panama was created by means of presidential decree of Harmodio Arias Madrid in May 29 , 1935. It was inaugurated on October 7 of the same year and started classes the next day with 175 students in the fields of education, commerce, natural sciences, pharmacy and law.
The University initiated operations during its nigh shift at a ward in the national institute, under the administration of president Enrique A Jimenez, the government further purchased approximately 60 acres at el Cangrejo district , which were destined to the construction of the campus for the University.
The first rock of the University was placed on October 2, 1947 and the 9th of October President Jimenez and the first superintendent Octavio Mendez Pereira decided to transfer the monument to Miguel de Cervantes Saavedra from Plaza Cervantes , to Plaza Porras, to the new campus of what would be the administration building.
