Farfan megaport in Panama shipwrecked.
Port companies lost interest in the project due to the widening of Panama Ports and the construction of the Rodman port.
Friday, November 28, 2008
The Farfan megaport has gone under. The $600 million project, which would have converted Panama into the Singapore of the Americas with regard to logistics, has come to an end. The global economic crisis was the last nail in the coffin.
The consortium made up of Ports of America and Cosco Pacific are looking for the best way to move ahead in the face of rising costs along with the restriction of credit.
A new legal action claiming that the construction of a huge container terminal in Farfán, Panama is unconstitutional has surfaced. It is being presented by the lawyer Alana Herrera Pinzón.
At an investment of around $2 to 4 million, a group of members from the Maritime Chamber are pushing for the construction of a terminal on the Pacific coast (Farfan).
The decision of the Executive Branch to contract directly and without bids the construction of a 600 million dollar container terminal at Farfán has created distrust in Panama's business and political classes.
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