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Panama to invest $5.25 billion to expand canal

April 24, 2006

PANAMA CITY (Reuters) – Panama will invest $5.25 billion to
expand its famous canal so it can handle the new generation of
mammoth cargo ships and oil tankers, top executives announced
on Monday.

The eight-year expansion project will require loans of up
to $2.3 billion but the entire project will be financed from
higher tolls and it will not add to Panama’s sovereign debt,
said Alberto Aleman, chief executive of the Panama Canal
Authority.


Source: reuters



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