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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Dredges Work to Restore National Wildlife Refuge

Dredges are currently being used in a large tidal marsh restoration project at Prime Hook National Wildlife Refuge in Delaware, one of the largest ever marsh restoration projects in the eastern U.

Thordon’s COMPAC for US’ Largest Containerships

Thordon Bearings has signed a contract to supply COMPAC seawater-lubricated propeller shaft bearing solutions to two Jones Act containerships under construction at the Aker Philadelphia Shipyard Inc.

SAAM SMIT Towage Orders Damen ASD Tug

SAAM SMIT Towage, a joint venture between SAAM S.A. of Chile and Dutch company Royal Boskalis Westminster N.V., has signed a contract for the purchase of a Damen Tug 2913 for delivery in early 2016,

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1962 sec (5 req/sec)