Panama Canal Authority Signs Loans
Friday, December 12, 2008 10:45No Comments
The Panama Canal Authority has signed loans for the planned expansion of the canal, totaling an amount of $2,3 billion. Lenders of these loans included the Inter American Development Bank, the International Finance Corporation, the Andean Development Bank, the Japanese Development Bank and the European Development Bank.
The total cost of the expansion is set at $5,3 billion, and the remaining $3 billion will be funded from tolls generated from the canal itself. The President of Panama, Mr. Martin Torrijos, calls the granting of the loans a vote of confidence in the management of the canal by the Panama Canal Authority.
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