Last week, Martin Torrijos, the Panamanian President had an interview with Bloomberg Television, and stated that Panama’s growth should maintain the same high levels of growth and jobs amid the worldwide economic crisis.
It is expected that Panama’s economy will grow between 6.5% and 8% in 2009 and 9% in 2008. President Torrijos also affirmed that the U.S. recession will not affect the $5.2 billion Panama Canal expansion project.
Torrijos stated “If there’s any country that has an advantage that will make the crisis the least traumatic possible, it’s Panama”.
Panama has signed an agreement with 5 overseas banks that will be financing the Canal’s expansion. The banks include Japan Bank for International Cooperation, European Investment Bank, Inter-American Development Bank, World Bank’s International Finance Corp. and Andean Development Corp.
The article has cited that roughly 27% of the world’s container ships are too large for the Canal, which can rise to 37% within the next three years. The Canal is due for completion by 2014.
Panama’s growth is nothing short of incredible!!! Visit our site at www.panama-land-for-sale.com to see our incredible properties for sale in Panama!
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment