Further Expansion and Development in Panama

It was announced that there is a third contract open for bidding to expand the Panama Canal and its access to the Pacific Ocean.

The latest contract, according to the Panama Canal Authority, is for the removing and disposing of 8 million cubic meters of material that takes up a total of 4.2 miles of the Canal. The contract will be awarded through competitive bidding placed by contractors. The cleanup initiatives will include vast deposits of ammunition and explosive that were deposited from former military presence in the area.

The Panama Canal expansion began in 2007 and is a $5 billion plus project for the country that is slated for completion in 2014. The newest expansion will mark a 100 year anniversary from its initial construction.

The Canal provides access through both the Pacific and Atlantic Oceans. The Panama Canal project began in 1904, and was initiated by the U.S. government, reaching completion in 1914. Control of the Panama Canal was handed over to the Panamanian government in December 1999.

The Canal currently allows for large container ships with up to 5,000 containers to pass through from ocean to ocean. The latest expansion will allow ships as large as carrying 12,000 containers passage through the Canal.

Another sign that Panama’s growth continues!!! Keep checking out our blog to read about development and economic progress in Panama, and reasons to move or retire to this emerging nation. Visit www.panama-land-for-sale.com for information about living in Panama and to see our incredible land deals!