President Torrijos announces Panama Canal expansion

The President of Panama Martín Torrijos has announced a financial package for the expansion of the Panama Canal.

Half of the US$5.25 billion project will be funded by five multilateral agencies from across Europe, Asia and South America. Cash from the canal’s operation will cover the remaining cost. The President said the canal remains an “object of immense satisfaction for the entire nation.” The Chief Executive Officer of the Panama Canal Authority, Alberto Alemán Zubieta said the commitment by major multilateral agencies proved there was trust in the Panamanian economy at a time of global economic uncertainty.
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