$300 Million from the World Bank for Panama Canal widening

The World Bank announced that it will provide a loan of $300 million to Panama to finance the project for the widening of the Canal.

Friday, November 14, 2008

The loan will be channel through the International Finance Corporation (IFC), which Bank uses to provide loans to the private sector, and will be administered by the Panama Canal Authority (ACP), an autonomous Government entity which is responsible for the administration, operation and maintenance of the Canal.

More on this topic

Canal Locks Construction at 10%

February 2011

The construction of the new set of locks is 10% completed.

The announcement was made by Antonio Zaffaroni, director of United Group Channel Consortium, the project developer.

"We are placing the concrete which will remain at the foundations of the locks in the Pacific and Atlantic," the executive told Prensa.com.

ACP Inspects Scale Model of New Locks

October 2010

The Board of Directors of the Panama Canal Authority (ACP) discusses with the International Advisory Commission issues relevant to the Canal.

The Advisory Board and the Panama Canal Authority (ACP) will have its eighteenth meeting in Lyon, France, in order to inspect the physical model developed by the Compagnie Nationale du Rhone and see how the locks work at Berendrecht, Antwerp, Belgium, considering these are the models which have been adopted for the expansion of the Panama Canal.

Panama Canal secures financing

December 2008

The Panama Canal Authority (ACP) completed a contract yesterday to finance the expansion of the Canal.

The total figure is $2.3 billion. The aforementioned contract was made with the European Investment Bank for $500 million, the Bank of Japan for International Cooperation for $800 million, the Inter-American Development Bank for $400 million, the International Finance Corporation for $300 million and the Andean Development Corporation for $300 million.

IDB offers $400 million for the Panama Canal

September 2008

IDB announced that it is considering offering $400 million to finance the widening of the Panama Canal which will has a total cost of $5.25 billion.

The announcement was made in Washington by IDB president, Luis Alberto Moreno, during the visit of president Martin Torrijos.

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