$400 million for widening of Panama Canal
The Inter-American Development Bank approved a loan today for the widening of the Panama Canal, the biggest infrastructure project underway in Latin America.
Wednesday, October 8, 2008
"The IDB has been a strong ally of Panama for almost 50 years," said the president of the bank, Luis Alberto Moreno, in a release. "We are proud of being able to support this key investment in the future of Panama's biggest asset, especially at time of uncertainty in international financial markets," Moreno added.
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.
During a meeting of Governors, IDB President Luis Alberto Moreno announced that the entity will increase its support to countries in the region.
The entity is analyzing suspending or extending loans that had been approved to finance part of the government’s budget.
JBIC, as the state bank is known, will offer $400 million, and Mitsubishi UFJ and Sumitomo Mitsui will provide another $400 million.
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