Building the New Panama Canal

In an address before the Retail Industry Leaders Association (RILA) Logistics Conference in Dallas, Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta reported that the much anticipated second canal project is on time and on budget

Slated for completion in 2014, one hundred after the opening of the existing canal in 1914, today’s expansion project will double the capacity of Panama’s Atlantic to Pacific short cut.

With a budget of $5.2 billion, the expansion of the canal is the largest public works project in Panama’s history. Zubieta was quick to deny rumors that the prject was falling behind, assuring all at the conference that the expansion would be completed on time.

One of the next milestones in the completion of the canal expansion will be the awarding of the largest contract associated with the project. Consorcio C.A.N.A.L., Consorcio Atlántico-Pacífico de Panamá, Consortia Bechtel, Taisei, Mitsubishi Corporation, and Consorcio Grupo Unidos por el Canal are all vying for the contract to build the lock system that will make the canal a working reality. If this process moves forward as expected, a choice will be made by the end of March, 2009.

Visitors from around the world first fell in love with Panama while standing on the deck of a ship making its way through our famous canal. These sailors, scientists, tourists, and military personnel from around the world return to Panama to make their home. This constant influx is what makes the real estate market in Panama one of the most vibrant in the region.

Doubling the capacity of the canal system means that twice as many new visitors will have the opportunity to discover the charms of Panama—the Gem of Central America

If you are interested in investing in Panama, gaining residency here, doing your offshore banking in Panama, starting a business, meeting the right people, or finding the ideal retirement location on the beach contact one of our Panama experts today.

Email us at The Panama Club for discrete answers to any questions you may have about Panama.

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