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Sunday, October 23, 2016

Multilateral Institutions Visit Panama Canal Expansion

February 7, 2014

Representatives from the multilateral institutions financing the Panama Canal Expansion Program visited today the new locks project construction in the Pacific side as part of their regularly scheduled visits.

Experts from the Inter-American Development Bank (IDB), the European Investment Bank (EIB), Japan Bank for International Cooperation (JBIC), International Financing Corporation (IFC) and the Andean Development Corporation (CAF) participated in meetings for two days and visited the Expansion Program construction site.

ACP executives made a comprehensive presentation of the current status of the project, including details of the work stoppage by Grupo Unidos por el Canal, S.A. (GUPC), the new locks project contractor.

On December 2008, ACP signed agreements with five multilateral institutions to procure financing of up to $2.3 billion (USD) required for the Expansion Program.

In total, agreements were signed for $800 million with the JBIC, $500 million with the EIB, $400 million with the IDB, $300 million with the IFC and $300 million with the CAF.

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