Financial Institutions Tour Panama Canal Expansion

The five international financial institutions partially financing the Panama Canal Expansion Program traveled to Panama last week to see the 96.6 percent progress made thus far.

During their three-day visit to the Canal, representatives were guided through the Agua Clara and Cocoli locks, as well as the fourth phase of the Pacific Access Channel (PAC-4).

They also toured the Canal’s training centers: the Center for Simulation, Research and Maritime Development (SIDMAR) and the new Scale Model Maneuvering Training Facility, which will train pilots and other waterway personnel to maneuver through the Expanded Canal.

In addition, they visited the construction site of the third Panama Canal bridge, which will connect Colon to communities west of the Canal.

As part of the annual visit to the project, the representatives met with ACP executives and specialists to discuss the Expansion’s progress, timeline and personnel training.

The five institutions which agreed to procure partial financing of $2.3 billion in December 2008 for the Expansion Program are:

  • Japan Bank for International Cooperation (JBIC) – $800 million;
  • European Investment Bank (EIB) – $500 million;
  • Inter-American Development Bank (IDB) – $400 million;
  • International Financing Corporation (IFC) – $300 million;
  • Development Bank of Latin America (CAF) – $300 million.

This funding, agreed to 20 years with a ten-year grace period, stipulating that creditors will not intervene in the management or operation of the Canal and will not affect the Canal’s contributions to the National Treasury, as established by Law 28 of 2006 which approved the Expansion Program.

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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