Panama signs loans for the widening of the canal

The loan was given by the European Investment Bank, the Interamerican Development Bank, International Financial Corporation, the Andean Development Corporation and the Japan Bank for International Cooperation.

The Panama Canal administrator, Alberto Alemán Zubieta said that the efficient way in which the canal has been managed secured the financing that was needed for the widening.

President Martin Torrijos said during the ceremony that the financing given to the project shows the trust the financial organizations have in Panama.

The loans are given to the ACP without any guarantees from the Panamanian state, which will not have to acquire any goods or services from any sources that have relations with the rs and the lenders will not intervene in the administration or operation of the Canal.

The money will be repayable in 20 years with a 10 years grace period.

The rest of the financing necessary to complete the expansion works will come from canal revenues.