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Panama Canal Signs USD2.3bn Financing Agreement,
by Mike Godfrey, Tax-News.com, Washington
Monday, December 22, 2008
On December 9, Panamanian President Martin Torrijos and Panama Canal
Authority (ACP) Administrator/CEO, Alberto Aleman Zubieta, signed a USD2.3bn
agreement with leaders from five multilateral and development agencies to finance
the waterway's expansion project.
In an official ceremony held at Panama's Ascanio Arosemena Auditorium, Aleman Zubieta and top executives from the five agencies signed the agreement
for the financing package, which will cover a major portion of the USD5.25bn
Canal Expansion Program.
President Torrijos also signed the agreement as an honorary witness.
In addition to Torrijos and Aleman Zubieta, those in attendance included: Francisco de Paula Coelho, Latin America and
Asia director, European Investment Bank; Enrique Garcia Rodriguez,
executive president, Corporacion Andina de Fomento; Luis Alberto
Moreno, president, Inter-American Development Bank; Juan Jose Daboub, World Bank Group
managing director, International Finance Corporation; and Yoshihiko Morita,
vice president, Japan Bank for International Cooperation.
Representing Asia, Latin America, Europe and the United States, the agencies'
confidence in the expansion project demonstrates the Canal's importance to Panama's
economic growth and world trade, according to the Canal Authority.
The expansion will build 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.
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