The Social Security Department has made a partial payment of $40 million to the contractor of the project to resume work and complete the complex, valued at $517 million.
The project which was awarded to the company Fomento de Construcciones y Contratas (FCC) during the Martinelli administration is only 45% complete, and it should be completed in 2017. The work was delayed during this government administration because of an audit requested by the Social Security Department, in which were detected "... at least 39 failures in planning, structure, design and implementation."
Workers have accepted the wage proposal made by the ICA-FCC-MECO consortium and resumed excavating the last stretch of the access channel to the Pacific.
After almost a week of work stoppage in the last stretch of riverbed on the access channel through the Pacific, workers agreed to resume work after negotiating a series of agreements with the consortium made up of the Mexican Ingenieros Civiles Asociados, the Spanish Fomento de Construcciones y Contratas and the Costa Rican firm Meco.
The group in charge of the construction of the fourth tranche accessing the Pacific has asked for arbitration over its demand for an additional $44 million as well as more time.
The Panama Canal Authority (ACP) received 6 complaints from Fomento de Contratas y Construcciones (FCC), the Mexican company ICA and the Costa Rican Construction company MECO, who were awarded the contract for the last access tranche to the the Pacific linking to the third set of locks with the Corte Culebra.
Infrastructure Project Will Ease Traffic Congestion in Capital City, Reduce Travel Times, Increase Access from Outskirts.
The Multilateral Investment Guarantee Agency (MIGA)--the political risk insurance arm of the World Bank Group--today announced it is supporting the government of Panama's efforts to construct a modern and integrated mass-transit system as a solution to Panama City's urban transportation issues. In connection with the financing plan for this ambitious new infrastructure investment, MIGA has issued a guarantee of $320 million to cover a $250 million loan arranged by Citi Transaction Services and Citigroup Global Markets, Inc (Citi) including interest and other financing costs associated with the construction of Line 1 of the metro system. This project represents MIGA's first coverage of non-honoring of sovereign financial obligations in Latin America and the Caribbean.
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Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (507) 317-6577 - (507) 6450-0673
Civil Engineer construction, general contractor, gas pipeline and oil pipeline construction, petrochemical installation, fiber optic installation, highway and road construction.
Operates in Costa Rica, El Salvador, Guatemala, Honduras and Panama
Phone: (502) 4089 7819