Panama Canal Expansion will end on December 2015

Yesterday night was reached an agreement to resolve the crisis that paralyzed the works of Panama Canal expansion, between the State Panama Canal Authority (ACP) and the construction companies that form the conglomerate Grupo Unidos por el Canal (GUPC.)

In summary, the agreement indicates that the parties inject $ 100 million each, while the insurer Zurich becomes the bond of 400 million in loans.

Sacyr has confirmed this Friday at the National Marketing Commission (CNMV) that it had reached a “final conceptual agreement to resolve the financial problems affecting the project construction of the third set of Canal Locks.”

Jorge Quijano, ACP Administrator, stated that in any case “the agreement is pending review and signature. “The third set of locks will be completed within the terms of the contract, as demand since the first day,” he reiterated.

The new completion date is December 2015 and, according to Quijano and companies, between 65% and 70% of the work is completed.