IDB offers $400 million for the Panama 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.

Thursday, September 18, 2008

The announcement was made in Washington by IDB president, Luis Alberto Moreno, during the visit of president Martin Torrijos.
IBD joins the European Investment Bank, which offered close to $700 million and the Andean Development Corporation, which offered $500 million.

More on this topic

$300 Million from the World Bank for Panama Canal widening

November 2008

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.

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.

Japan to Agree $800 Million Loan to Fund Panama Canal Expansion

October 2008

JBIC, as the state bank is known, will offer $400 million, and Mitsubishi UFJ and Sumitomo Mitsui will provide another $400 million.

The Japan Bank for International Cooperation, the state-owned overseas lender, said it will sign an $800 million syndicated loan for the expansion of the Panama Canal that will help Japan boost trade with the Americas.

$2.3 billion for Panama Canal

October 2008

The Panama Canal Authority (ACP) obtained credit for $2.3 billion from foreign financial institutions to finance the widening of the Canal, announced President Martin Torrijos.

The president said that the Cabinet authorized the ACP to enter into the debt, and pointed out that "it is a great satisfaction for Panamanians to have the multilateral banks reiterate their confidence in Panama in these moments of global uncertainty.

$400 million for widening of Panama Canal

October 2008

The Inter-American Development Bank approved a loan today for the widening of the Panama Canal, the biggest infrastructure project underway in Latin America.

"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.

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