Multinational Institutions Visit Panama Canal

Press Release
Wednesday, January 30, 2013

Representatives from the five multilateral institutions that have signed agreements for the financing of the Panama Canal Expansion Program took part in the annual visit organized to oversee the program’s progress. 

“This visit is part of the agreement signed between the Panama Canal Authority and the five institutions that have provided partial financing for the Expansion Program,” Panama Canal Administrator Jorge L. Quijano said at the end of the tour.


The delegation included 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).


The Panama Canal Authority (ACP) holds annual visits since the signature of the agreement in 2008. The representatives receive progress reports and visit the expansion site to verify that the different aspects of the financing agreement are met.


The delegation received details on the progress of the Expansion Program, which is currently 50 percent complete. Beginning 2013, the program completed several projects, such as the dredging of the navigational channels on the Pacific and Atlantic sides.


The delegation received reports on the safety and occupational health, environmental safety and the social aspects of the projects. These issues are among the strict requirements that guarantee the financing of the program.


The representatives also received updated information on the waterway’s performance during the last fiscal year, as well as the Panama Canal forecast, budgeted activities and the Expansion Program financial requirements for 2013. 

The delegation visited the sites of the different projects within the Expansion Program on the Atlantic and Pacific sides.

In addition, the delegation received an update on the different conflict resolution and claim mechanisms, as well as information on the progress of the construction of the bridge on the Atlantic side of the Canal.


Financing
In December 2008, the ACP signed agreements with a group of five multinational institutions to procure financing of up to US$2.3 billion required for the Expansion Program. 

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

To date, the JBIC (US$ 800 million), the EIB (US$100 million and the IDB (US$100 million) have been paid out for the program. 
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

Naming of M/V “SITC SHANDONG” at CSBC Shipyard

The Naming Ceremony of M/V “SITC SHANDONG” was held yesterday in Keelung Factory of CSBC Corporation, Taiwan, by SITC International Holdings Co., Ltd. (SITC International) and CSBC Corporation,

MSC Award Two Time-Charter Contract Modifications

The US Department of Defense informs that Offshore Service Vessels, Inc., and Sealift, Inc., have each been awarded time charter option extensions by the US Navy's

Ports

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

Aberdeen Harbour Installs Siklu Security Network

Aberdeen Harbour has extended its security solutions coverage using high-capacity backhaul from Siklu, the market leader in millimeter wave backhaul informs the Israel-based tech firm.

Inchcape Shipping Celebrates 25th Anniversary of ISS Greece

Inchcape Shipping Services (ISS), the world’s leading maritime services provider, has this month celebrated the 25th anniversary of its operations in Greece

Finance

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

Dun & Bradstreet Partners Oracle to Reach for Cloud Solutions

Oracle and Dun & Bradstree, the world's leading source of commercial information and insight on businesses, today announced they have partnered to extend Oracle's

Chariot Oil & Gas 1H 2014 Interim Results

Chariot Oil & Gas Announce Interim Results for 1H 2014 Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces

News

BMT Nigel Gee To Launch Project L3 at Monaco Yacht Show

BMT Nigel Gee, a subsidiary of the BMT Group, will be launching its latest innovative design, ‘Project L3’ at the Monaco Yacht Show. Building on Nigel Gee’s

Naming of M/V “SITC SHANDONG” at CSBC Shipyard

The Naming Ceremony of M/V “SITC SHANDONG” was held yesterday in Keelung Factory of CSBC Corporation, Taiwan, by SITC International Holdings Co., Ltd. (SITC International) and CSBC Corporation,

Hiab's State-of-the-art Factory Opens in Poland

Hiab, part of Cargotec, celebrates today the official opening of its new state-of-the-art multi-assembly unit (MAU) in Stargard Szczecinski, Poland. The development

Government Update

Aftermath of Scotland Independence Referendum: Platten Speculates

After the referendum debate on Scottish independence Guy Platten, Chief Executive Officer of the UK Chamber of Shipping has called for the divisions created by the campaign to be healed.

MSC Award Two Time-Charter Contract Modifications

The US Department of Defense informs that Offshore Service Vessels, Inc., and Sealift, Inc., have each been awarded time charter option extensions by the US Navy's

U.S. to Join Anti-Piracy Organization: USCG Admiral on Council

The USCG informs that the U.S. is due to become the 20th nation to join the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP),

Logistics

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

Hiab's State-of-the-art Factory Opens in Poland

Hiab, part of Cargotec, celebrates today the official opening of its new state-of-the-art multi-assembly unit (MAU) in Stargard Szczecinski, Poland. The development

Dun & Bradstreet Partners Oracle to Reach for Cloud Solutions

Oracle and Dun & Bradstree, the world's leading source of commercial information and insight on businesses, today announced they have partnered to extend Oracle's

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.3712 sec (3 req/sec)