Panama Canal Signs $2.3b Financing Agreement

Tuesday, December 16, 2008

On December 9, Panamanian President Martín Torrijos and Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta signed a $2.3b agreement with leaders from five multilateral and development agencies to finance the waterway’s most historic project to date: expansion.
 
In an official ceremony held at Panama’s Ascanio Arosemena Auditorium, Mr. Alemán Zubieta and top executives from the five agencies signed the agreement to officiate the financing package, which will cover a portion of the $5.25b Canal Expansion Program. President Torrijos also signed the agreement as an honorary witness.

Those in attendance included Francisco de Paula Coelho, Latin America and Asia director, European Investment Bank (EIB); Enrique Garcia Rodríguez, executive president, Corporación Andina de Fomento (CAF); Luis Alberto Moreno, president, Inter-American Development Bank (IDB); Martín Torrijos, Panamanian president; Alberto Alemán Zubieta, administrator and chief executive officer, Panama Canal Authority; Juan Jose Daboub, World Bank Group managing director, International Finance Corporation (IFC); and Yoshihiko Morita, vice president, Japan Bank for International Cooperation (JBIC).

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.

The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The ACP is governed by its organic law and the regulations approved by its Board of Directors.

Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

DP World Mulls Senegal Free Zone

DP World  is looking to develop a free zone in Senegal, Chairman Sultan Ahmed bin Sulayem said on Wednesday. Sulayem was speaking at an African investment event in Dubai.

MAN Propulsion Packages for New Trawler Series

Orders for five fresh-fish trawlers feature two different ship designs and MAN 6L27/38 engines and aft-ship equipment Icelandic owners, HB Grandi, Vinnslustodin hf.

MOL Merges Group Companies; Upgrades Bridge Simulator

MOL adds DPS and enhances safe operation by integrating expertise through merger Mitsui O.S.K. Lines, Ltd. (MOL) announced the merger of MOL Marine Consulting, Ltd.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1738 sec (6 req/sec)