Panama City is the capital of the small country of the same name, located in Central America. Before the arrival of the conquistadors an Indian fishing village of the same sounding name existed here, which meant "many fish" in the language of the local population. However, at the beginning of the 16th century the Spanish established a port city which made its income from maritime trade. Due to the rapid growth and increasing wealth, Panama became a frequent target of attacks by pirates - Francis Drake and Henry Morgan were looking for the spoils here. The city has been functioning as the capital of the independent state of Panama since the beginning of the 20th century and thanks to the construction of the Panama Canal in 1914 its importance has grown significantly. Today it is one of the most cosmopolitan capitals of South America.