Panama Canal secures $400 million loan

10/15/2008 9:56:41 AM

The Inter-American Development Bank board of directors has approved a $400 million loan to help the government of Panama finance the expansion of the Panama Canal.   A tentative agreement for the loan was announced in September.   Work began last year to build a third set of locks on both sides of the strategic isthmus that can accommodate 12,000-TEU vessels, more than double the size of vessels that can currently transit the 50-mile canal. The project is estimated to cost $5.2 billion and be completed by 2014.   The Panama Canal Authority is also meeting with other financial institutions about supporting the expansion plan.   American Shipper

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