CAF to loan $400 million for the Panama Canal

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

Friday, October 24, 2008

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.

The total cost of the project is $5.3 million to double the capacity of the Canal for 2014.

The canal moves 5% of the world's cargo, and is the main source of income for the Panamanian Government.

More on this topic

Panama Canal Extends Deadline for Dry Excavation Bids

December 2009

The deadline for submitting bids for the fourth and last dry excavation project was postponed to December 10th.

The original deadline was December 3rd, but the Panama Canal Authority decided to give companies more time.

"This contract comprises excavating 27 million metric tons of unclassified material to build an access waterway connecting the new Pacific locks with the Culebra Cut", reported Prensa.com.

$28.3 milion for hydrographic basin restoration in Panama

February 2009

The CAF approved an $18.4 million loan to finance a program aimed to restore the country's hydrographic basins.

The loan by the Andean Development Corporation (CAF) covers 65% of the cost of the program, and the additional resources will be provided by Panama and other participants.

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.

$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.

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