$2.3 billion for Panama Canal

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.

Wednesday, October 15, 2008

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.
The loans will have an average rate of 5.45% per year for a period of 20 years, with the first 10 as grace period during which only the interest on the funds that are used will be due. After this payments on the principal and interest will be due, the Canal Administrator, Alberto Aleman Zubieta, explained at a press conference following the announcement by Torrijos.

More on this topic

Panama Canal's Options For Facing Off Competition

August 2013

The Panamanian response, in the event of any of the inter-oceanic canal projects materialising, would be to create another expansion of the Canal.

This was the announcement by Jorge Quijano, chief administrator of the Panama Canal Authority (ACP), after hearing about the intentions of Guatemala and Nicaragua to build two oceanic canals, on land or water.

Panama Canal secures financing

December 2008

The Panama Canal Authority (ACP) completed a contract yesterday to finance the expansion of the Canal.

The total figure is $2.3 billion. The aforementioned contract was made with the European Investment Bank for $500 million, the Bank of Japan for International Cooperation for $800 million, the Inter-American Development Bank for $400 million, the International Finance Corporation for $300 million and the Andean Development Corporation for $300 million.

CAF to loan $400 million for the Panama Canal

October 2008

The Andean Development Corporation approved a $400 million loan for the expansion of the Panama Canal.

The money is part of a $2.3 billion package that the Panama Canal Authority expects to get from 5 lenders, including the IDB and the Bank of Japan for International Cooperation.

Canal gives push to the economy of Panama

August 2008

The commercial demand resulting from the widening of the Canal will increase 3% per year during the next ten years, according to sources close to the Panama Canal Authority.

Panama is currently one of the countries with the best international projections for investment. Most of the infrastructure in Latin American have become the axis of the Panamanian economy.

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