PANAMA'S president Martín Torrijos and Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta have signed a US$2.3bn agreement with leaders from five multilateral and development agencies to finance the waterway’s expansion.
In an official ceremony held at Panama’s Ascanio Arosemena Auditorium this week, Mr Zubieta and top executives from the five agencies signed the agreement on the financing package, which will cover a portion of the $5.25 billion Canal Expansion Program.
The expansion involves building a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships.
Source: http://www.mgn.com/news/dailystorydetails.cfm?storyid=9457&type=2
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