Photo: Goddard Space Flight Center
Links related to the Panama Canal
The Panama Canal Expansion Program is the largest construction project undertaken in the waterway since its opening in 1914. Construction on the first-ever expansion began in 2007 at a total cost of US$5.2 billion.
The project creates a new lane of traffic along the Canal through the construction of a new set of locks, doubling the waterway’s capacity. The existing locks allow the passage of vessels that can carry up to 5,000 TEUs. After the expansion the Post-Panamax vessels will be able to transit through the Canal, with up to 13,000/14,000 TEUs. The expansion more than doubles the Canal’s capacity, so that the canal can now host 98 percent of the world’s shipping.
The canal operates 24 hours a day, seven days a week and 35 to 40 ships pass through every day. Each trip takes about eight to 10 hours.
The Panama Canal is run by an autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the Panama Canal Authority (ACP) is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP’s website: http://www.pancanal.com or follow on Twitter @thepanamacanal.
The Panama Canal – Rear Vision explores the building of this famous waterway and the relationship between Panama and the US that grew up around it.
— Canal de Panamá (@canaldepanama) June 25, 2016
To procure the required financing of US$2.3 billion to complete the expansion of the waterway, the Panama Canal Authority signed contracts with a group of bilateral and multilateral credit institutions.
|Multilateral and Development Agencies||Amount|
|Japan Bank for International Cooperation (JBIC)||$ 800 million|
|European Investment Bank (EIB)||$ 500 million|
|Inter-American Development Bank (IDB)||$ 400 million|
|International Finance Corporation (IFC)||$ 300 million|
|Corporación Andina de Fomento (CAF)||$ 300 million|
The existing locks allow the passage of vessels that can carry up to 5,000 TEUs. After the expansion the Post-Panamax vessels will be able to transit through the Canal, with up to 13,000/14,000 TEUs.