According to the Panama Canal Authority chief Alberto Aleman, the Panama Canal’s $5.25 billion expansion is “on time and on target” for completion in 5 years, indicating that the global recession is not causing delays.
The Canal, which was approved by Panamanian voters in 2006, began in 2007. It is slated to for completion in 2014. The project entails the dredging of both the Pacific and Caribbean entrances to accommodate super-sized cargo ships and large freight tankers three times the size of current ships passing. The Canal will provide connectivity between the Pacific and Atlantic oceans that is expected to alter global shipping patterns.
Additionally, the Canal will bring new development to Panama and other Central American countries. The locks will maintain a “water-saving basin”, which allows 60% of the water that fills the basins to be recycled. The project will employ a total of 5,000 construction workers.
The Canal project will relocate thousands to Panama, and is expected to contribute greatly to Panama’s development. Interested in investing in Panama real estate? Visit Panama-Land-for-Sale.com to see properties and land, businesses, and residential real estate in Panama. Click here for more information.
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