Five Global Development Banks Give Panama Canal $2.3 Billion - ENR | McGraw-Hill Construction

Description:
Financing for expansion of the Panama Canal’s third lane was cemented on Oct. 14, when five multilateral development banks from Europe, Asia and Latin America agreed to provide more than $2.3 billion in loans. The financing will cover annual expenditures estimated to exceed $500 million during the project’s peak years between 2009 and 2011. Canal officials say the remainder of its $5.2-billion price tag will be covered by cash flow generated by the canal. The Japan Bank for International Cooperation is the largest project lender, at $800 million, followed by the European Investment Bank, which is lending $500 million.

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