Panama Canal Expansion begins!
Enilda Wason
September 04, 2007
The historic project got off to a spectacular start with thousands of Panamanians gathered at Paraiso, north of Panama City, to watch a controlled explosion marking the beginning of works that will double the canal's capacity. The project was launched by Panama's president at a colorful ceremony featuring explosions and the release of thousands of balloons.
The former US President, Jimmy Carter, who signed an agreement in 1977 paving the way for Panama to take control of the waterway, said he was "proud" of the expansion plans.
The government has said the scheme will be financed by raising tolls on the waterway as well as through foreign credit. It will involve adding a third set of locks that will enable modern ships to use the canal.
Before a crowd of leading businessmen and foreign dignitaries, President Martin Torrijos said it was a historic day for the Panamanian people. "We are witnesses to an exceptional and unique act," he said. "In 30 years, Panamanians will remember this day and about the right decision this generation made."
Work has begun on a $5.2bn expansion of the Panama canal, the largest-ever overhaul of the short cut between the Pacific and Atlantic oceans. The widening is due to be completed by 2014, in time for the centenary of its opening.
The canal, US territory until it was returned to Panama in 1999, handles five per cent of world trade and its expansion will generate over 7,000 new jobs.
The former US President, Jimmy Carter, who signed an agreement in 1977 paving the way for Panama to take control of the waterway, said he was "proud" of the expansion plans.
The government has said the scheme will be financed by raising tolls on the waterway as well as through foreign credit. It will involve adding a third set of locks that will enable modern ships to use the canal.
Before a crowd of leading businessmen and foreign dignitaries, President Martin Torrijos said it was a historic day for the Panamanian people. "We are witnesses to an exceptional and unique act," he said. "In 30 years, Panamanians will remember this day and about the right decision this generation made."
Work has begun on a $5.2bn expansion of the Panama canal, the largest-ever overhaul of the short cut between the Pacific and Atlantic oceans. The widening is due to be completed by 2014, in time for the centenary of its opening.
The canal, US territory until it was returned to Panama in 1999, handles five per cent of world trade and its expansion will generate over 7,000 new jobs.
Print
Email
