Torrijos Says Panama Secures $2.3 Billion for Canal Expansion

By Nathan Gill
     Oct. 14 (Bloomberg) — Panamanian President Martin Torrijos
said the country reached agreements with international lenders,
such as the Inter-American Development Bank, for $2.3 billion in
financing to expand capacity of the Panama Canal.
     Panama will borrow $500 million from the European Investment
Bank, $800 million from the Japan Bank for International
Cooperation, $400 million from the IDB, $300 million from the
International Finance Corp. and $300 million from the Andean
Development Corp., Torrijos said in a statement distributed today
by the canal authority.
     The authority last year announced a five-year, $5.25 billion
plan to add a third set of locks that will enable the canal to
handle bigger ships.
     The loans reflect “a lot of trust and confidence,” in the
project, Alberto Aleman, chief executive of the Panama Canal
Authority, said in a conference call today from Panama.

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