$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.
The Panama Canal Authority (ACP) completed a contract yesterday to finance the expansion of the Canal.
The construction of the new set of locks is 10% completed.
The Board of Directors of the Panama Canal Authority (ACP) discusses with the International Advisory Commission issues relevant to the Canal.
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.
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