Multilateral Institutions Visit the Panama Canal Expansion

Panama City, Panama, February 7, 2014

Representatives from the multilateral institutions financing the Panama Canal Expansion Program visited today the new locks project construction in the Pacific side as part of their regularly scheduled visits.

Experts from the Inter-American Development Bank (IDB), the European Investment Bank (EIB), Japan Bank for International Cooperation (JBIC), International Financing Corporation (IFC) and the Andean Development Corporation (CAF) participated in meetings for two days and visited the Expansion Program construction site.

ACP executives made a comprehensive presentation of the current status of the project, including details of the work stoppage by Grupo Unidos por el Canal, S.A. (GUPC), the new locks project contractor.

Financing
On December 2008, ACP signed agreements with five multilateral institutions to procure financing of up to US$2.3 billion required for the Expansion Program.

In total, agreements were signed for US$800 million with the JBIC, US$500 million with the EIB, US$400 million with the IDB, US$300 million with the IFC and US$300 million with the CAF.

About the Panama Canal Authority (ACP)
The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors. Please refer to the ACP's website: http://www.pancanal.com/ or follow us on Twitter @thepanamacanal.


Construction of the third set of locks.   Image by Panama Canal Authority.

Panama Canal Authority press release