The Panama Canal is set to complete a billion-dollar construction project of a new water reservoir within six years, as announced by canal administrator Ricaurte Vasquez.
As Reuters reports, this Indio River reservoir will be part of the existing network of artificial lakes that facilitate safe passage through the canal and supply water for human consumption. The project aims to ensure the passage of 36 ships daily, enhancing the canal’s reliability.
Recently, increased rainfall has boosted water levels, allowing the canal to increase available transit slots to 35 in both Neopanamax and Panamax locks starting August 5.
This is a significant improvement following severe restrictions due to last year’s drought. The new reservoir project is estimated to cost $1.2 billion, with an additional $400 million earmarked for investments in neighboring communities.
