Singapore-based port operator PSA Panama International Terminal (PSA Panama) has started a USD 400 million expansion of its container terminal located on the west bank of the Panama Canal Pacific. It has started on the expansion after being granted approval by the National Assembly, the Panama Canal Authority ACP, the Panama Maritime Authority and the Panamanian State. The expansion is targeted to be ready for operations before the end of 2016, in conjunction with the commercial opening of the expanded Panama Canal. The expansion will increase the capacity of the terminal from 450,000 to 2 million TEUs per year. The investment into civil works amounts to USD 285 million, while the value of equipment will be over USD 125 million.