Canal Expansion Project, begun in 2007, is now 48.9% complete
On 31 December 2012, the Panama Canal celebrated 13 years under Panamanian administration. During this period, the Canal has strengthened its role in international commerce as a result of investment in the modernization of its infrastructure, its expansion and an alliance with its natural surroundings.
“The Panama Canal reaffirms its relevance in international commerce more than ever as a result of the decisions and actions that Panamanians have taken with regard to its management,” said Panama Canal Administrator Jorge Luis Quijano.
Quijano highlighted that the Panamanian management model has enabled the efficient and safe operation of the Canal, allowing it to offer a world-class service. Furthermore, its sustainable and profitable management generates increasing contributions to Panama’s development.
In 2007, the Panama Canal expansion project began as a result of a widespread approval by Panamanians in a national referendum. The Expansion Program will create a new lane of traffic along the Canal by building a new set of locks which will allow the transit of bigger ships with more capacity.
After five years, the project has generated 28,690 direct jobs. On September 20, 2012, the awarded contracts totaled US$4.3 billion.
As of November 30, 2012, the Expansion Program registered an overall progress of 48.9 percent, with several components almost completed – mainly the dredging works at the Panama Canal entrances on the Pacific and Atlantic sides.
Source: The Panama Canal Authority
