Sun | Jun 13, 2021

Panama Canal Authority signs deal to end expansion dispute

Published:Saturday | March 15, 2014 | 12:23 PM

The Panama Canal Authority, the ACP, has approved a deal that will end a dispute over the US$1.6 billion in cost overruns which delayed the work to widen the canal.



Under the terms of the deal, the Spanish-led construction consortium behind the project and the ACP will each invest an extra US$100 million in the project, which is due to be completed in 2015.



The consortium will also be allowed to claim US$400 million from the project insurers.



Construction was halted for two weeks in February, but resumed after an initial agreement was reached.



The ACP says the deal should accelerate the construction works and they are aiming to finish the third lock by December 2015.



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