Panamanian President Martin Torrijos has stated that the major expansion to the Panama Canal is currently on schedule. The President said yesterday that the Canal Authority is still looking at options for financing nearly $2.5 billion of the project, but that the contract to build the new lock system will be announced by the end of 2008. Companies currently bidding for the locks contract include Bilfinger Berger AG of Germany, Empresas ICA SAB of Mexico, Mitsubishi Corp in Japan, and the American firm Bechtel Group Inc.
The President also stated yesterday that nearly 283,000 Panamanians had applied to work on the canal expansion, accounting for nearly 12% of the nation’s workforce. It is estimated that 7,000 jobs will be created in the construction of the project, and that an additional 40,000 will be created to support related industries. Reassurance from Torrijos that the canal expansion project is on schedule is good news for Panama, especially with the current economic slowdown and problems with lending institutions in the United States.
Source:
Panama Canal Expansion Is On Schedule, Torrijos Says (Bloomberg.com)
