It was just announced that the Panama Canal expansion has justified a $400 million loan. Inter-American Development Bank will be handling the loan.
Panama Canal Authority administrator Alberto Aleman stated that the IDB loan approval demonstrates the confidence and security of the Panama Canal Authority’s expansion project “despite the world financial crisis”.
The Panama Canal Expansion project is a $5.25 billion construction project that is scheduled for completion in 2014. The project will include two additional locks that will double the 50-mile Canal’s capacity.
The Panama Canal is responsible for 5% of the world’s cargo shipping. The Panama Canal Authority is expected to borrow up to $2.3 billion from 2009-2011 for financing and continuation of the Canal expansion. The Canal will pay back loans through additional taxation of 3.5% for shipping tolls.
The Panama Canal expansion project is evidence of the growth here in Panama! If you are interested in moving or relocating to Panama, visit our site to see our special land deals in Panama! Go to www.panama-land-for-sale.com for more information about relocating!
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