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

Contracts

Termination of Seadrill Unit's and Rosneft Deal Extended

North Atlantic Drilling (NADL), a subsidiary of Seadrill, will delay the closing of a deal with Russia's Rosneft by two years and has agreed to renegotiate the terms of the agreement,

Qatar to Contract 6,000 Rooms on Cruise Ships for 2022 World Cup

Reviving an idea to lodge some football fans and guests during the 2022 World Cup in “floating hotels,” the Qatar Tourism Authority (QTA) has announced plans to contract at least 6,

USN Names Littoral Combat Ship

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship (LCS) will be named USS St. Louis. The future USS St. Louis,

Finance

China Shipbuilders may Merge to Stay Afloat

The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

News

China Shipbuilders may Merge to Stay Afloat

The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.

Termination of Seadrill Unit's and Rosneft Deal Extended

North Atlantic Drilling (NADL), a subsidiary of Seadrill, will delay the closing of a deal with Russia's Rosneft by two years and has agreed to renegotiate the terms of the agreement,

Taiwan's Yang Ming Marine to Add Bigger Vessels to its Fleet

Yang Ming Marine Transport Corporation, Taiwnanese global shipping and logistics services company,  will take delivery of 14 large-sized ships over the next two years,

Government Update

USN Names Littoral Combat Ship

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship (LCS) will be named USS St. Louis. The future USS St. Louis,

China Snubs G7 Declaration on Sea Row

Reacting to recent declaration of  the Group of Seven (G7) major nations' Foreign Ministers on maritime , China said “the situation of this region is generally stable,

Newport News Shipbuilding Hosts Sen. Inhofe

Huntington Ingalls Industries (HII) today hosted Sen. James M. Inhofe, R-Okla., for a tour of the company's Newport News Shipbuilding division.   The senator,

Logistics

Greek Capesize and Maersk Boxship Mishap in Suez Canal

The Danish container ship Susan Maersk has collided with the container ship Margret Oldendorff flying the Libyan flag.   The 347 meter long, 110387 dwt container

China Shipbuilders may Merge to Stay Afloat

The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.

Termination of Seadrill Unit's and Rosneft Deal Extended

North Atlantic Drilling (NADL), a subsidiary of Seadrill, will delay the closing of a deal with Russia's Rosneft by two years and has agreed to renegotiate the terms of the agreement,

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Shipbuilding / Vessel Construction 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: 0.3198 sec (3 req/sec)