Panamanian Assembly Approves $51 Million for Highway

The Panamanian National Assembly granted a $51 million credit to the MOP (Public Works Ministry) to finance the cost overrun of the Madden-Colón highway.

Friday, March 13, 2009

This highway which is being built by the Public Works Ministry in Panama had an original cost of $215.8 million, but there was an increase in the cost of the project.

What minister Benjamínn Colamarco told the Assembly members is described in an article in prensa.com: "The cost of the project was originally $215.8 million, but there was an increase generated by 'geological events.'"

More on this topic

Panama: Motorway Extension Awarded

October 2012

Work on the third phase of the Panama - Colon road, has been awarded directly through an addendum to the $163 million contract with the Madden-Colón Concessionaire.

The funding includes $127 million for construction and $35 million for private affectations, said Frank de Lima, Minister of Economy and Finance.

Panama: Inauguration of Second Phase of Northern Corridor

April 2009

The first section of the project that was built at a cost of $112 million was officially opened yesterday.

With the opening of this route, over 400 thousand users from San Miguelito and Panama Este will benefit.

Laestrella.com.pa reported statements by Public Works Minister Benjamin Colamarco: “The tolls for the second phase of the Northern Corridor, comprising about 16.4 miles, could cost between $2.80 and $3.40."

Panama: $75 Million for Highway Repair

April 2009

The road joining Bocas del Toro to Chiriquí will cost $75 million to repair and construction would take two and one-half years.

The current route is considered dangerous because of the constant landslides and the geological and subterranean water seepage problems that it has.

The Final Price of a Road

March 2009

An analysis of the $50 million cost overrun in the Madden-Colón highway in Panama.

The 45-kilometer road which will link Madden to Cativá in Panama was begun in May, 2007. At that time, the reference cost for the project was $217 million.

According to the latest official information from the Ministry of Public Works, the final cost of the route will be $267 million, which would represent an increase of 23% ($50 million) over the initial price.

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