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

Contracts

New Superyacht ROCKIT.IT Launched by Feadship

Feadship says it has launched the outstanding 60.35-metre motoryacht ROCK.IT. Created for an experienced owner who has chartered Feadships and appreciated the essence of the brand,

FTA Approves WSF Ferry Terminal Plans

In the latest Washington State Ferries Weekly Update, Capt. George A. Capacci, Interim Assistant Secretary WSDOT/Ferries Division briefs as follows: "FTA approves

NZ Interislander Ferry to Dry-dock in Devonport

NewZealand's KiwiRail says that the Interislander ferry Arahura has left Wellington for her scheduled bi-annual dry-docking in Devonport, having last visited Auckland in July 2012.

Ports

More German Shipowners Look to Gibdock for Repairs

Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent

No Sign of Ultra-Large Containership Mega Hubs: Analysis

Contrary to the views of some in the industry, Ultra Large Container Vessels are continuing to call at multiple North European ports per loop and are not concentrating on a mega-hub,

FTA Approves WSF Ferry Terminal Plans

In the latest Washington State Ferries Weekly Update, Capt. George A. Capacci, Interim Assistant Secretary WSDOT/Ferries Division briefs as follows: "FTA approves

Finance

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective

Clarksons PLC Perform Strongly in 1H 2014

Leading shipping services group, Clarksons PLC reports strong strong financial performance in the first half of 2014. Financial Results Clarksons increased revenues by 25% to £111.

News

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective

ABB Celebrates 125th Anniversary in Finland

ABB is celebrating today its 125th anniversary in Finland. Founded in 1889 in Helsinki by entrepreneur and inventor Gottfrid Strömberg, ABB Finland is today

China's National Carbon Market to Start in 2016

China plans to roll out its national market for carbon permit trading in 2016, an official said Sunday, adding that the government is close to finalising rules

Government Update

FTA Approves WSF Ferry Terminal Plans

In the latest Washington State Ferries Weekly Update, Capt. George A. Capacci, Interim Assistant Secretary WSDOT/Ferries Division briefs as follows: "FTA approves

DoD Award Dredging, Ship Maintenance, Charter Contracts

US Department of Defense informs of placement of contracts for Chesapeake Bay dredging, dry-docking of USS Pearl Harbor, and charter of surface escort vessels. Details as follows: 1.

Indian Investigators Drop Case Against Billionaire Birla

India's Central Bureau of Investigation (CBI) has closed a coal scam case against billionaire Kumar Mangalam Birla and a former top bureaucrat that emerged in

Logistics

No Sign of Ultra-Large Containership Mega Hubs: Analysis

Contrary to the views of some in the industry, Ultra Large Container Vessels are continuing to call at multiple North European ports per loop and are not concentrating on a mega-hub,

Clarksons PLC Perform Strongly in 1H 2014

Leading shipping services group, Clarksons PLC reports strong strong financial performance in the first half of 2014. Financial Results Clarksons increased revenues by 25% to £111.

Dentressangle Acquire U.S. 3PL Provider Jacobson

France's Norbert Dentressangle says it has completed the previously announced acquisition of all the shares of privately held U.S. third party logistics (3PL) provider,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators 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: 0.3931 sec (3 req/sec)