Panama Canal to Spend $8.5Bln on Infrastructure to Cut Geopolitical Risks – Vice President
Cranes load a cargo ship at the Panama Canal’s Balboa Port in Panama City, Sept. 9, 2024.
MONTEVIDEO (Sputnik) — The Panama Canal will invest about $8.5 billion to develop its infrastructure to mitigate geopolitical risks, Boris Moreno, the canal’s vice president for operations, told Sputnik. «We estimate investments at about $8.5 billion,» Moreno said. The money will be spent on a number of projects, including the construction of a dam to create a reservoir on the Rio Indio River, and concessions for two port terminals, with one on the Atlantic and one on the Pacific. The project also encompasses a concession for a liquefied petroleum gas pipeline with terminals for sending, loading and unloading on both coasts, he said. Another strategic project involves extending the land logistics corridor between the ports of the two oceans with a highway along the western bank of the canal, complementing the Transisthmian Highway on the eastern bank, Moreno said. The vice president added that port terminal and gas pipeline projects are at the pre-qualification stage by tender participants, while the logistics corridor is still at an early stage, with various concepts still under review. Moreno said that the goal of all these projects is to enable the canal to «remain independent of geopolitical fluctuations and offer a stable product that serves global trade and benefits the country, regardless of what may happen in any given region.»
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