Contribution of $ 283 million is proposed for the Panama Canal

After the threat of the work suspension by the Grupo Unidos por el Canal (GUCP,) led by the Sacyr construction company responsible for the extension works of the Panama Canal, its administration has proposed a jointly monetary injection of $ 283 million , to not finalize the contract.

Jorge Quijano, administrator of the Panama Canal Authority (ACP,) warned that “if they do not accept the proposal and not remove the warning of suspension of the works, then the next step is the termination of the contract if necessary.”

The construction company Sacyr have threatened the ACP for the payment of cost overruns of the work, which amounted to $ 1,600 million.

Quijano revealed that after the meeting, after a week of conflict, the ACP would have offered $ 183 million, and GUPC will have to pay $ 100 million. Likewise is expected a new meeting in the next days with the purpose of find a long-term arrangement.