Continuing to move forward with expansion plans, Panama Canal executives presented the Canal's Expansion Program to international financial institutions yesterday. Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta provided a snapshot of the Republic of Panama, the Canal's operational achievements and increase in capacity through continuous improvements and modernization work. He also outlined the progress made on expansion, highlighting the excellent financials of a Canal that is debt-free with revenues reaching $1.7 billion in 2007.
More than 100 people representing financial institutions from the United States, Asia, Europe and the Americas participated in the presentation, consisting of investment and commercial banks, multilateral institutions and credit rating agencies. Banks with branches in Panama were also present during the event.
In the coming months, ACP will be conducting meetings with interested banks and will continue to update them about the Expansion Program of the Canal.
Expansion will build a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships.