Panama legislature approves canal improvement spending
The Panamanian legislature has approved a new 2008 fiscal year budget for the Panama Canal, giving a green light to improvement expected to boost reliability and service levels, officials from the Panama Canal Authority said.
A statement from the ACP said funding for the canal would cover a mix of improved technology, new equipment and capital improvements. The budget also includes the second phase of dry excavation of the new lane on the Pacific side, widening the Gaillard Cut and deepening the navigational channel in Gatun Lake.
“These investments are the product of detailed analysis and evaluation to ensure that we continue funding the right projects to continuously improve and maintain canal service,' said Dani Ariel Kuzniecky, ACP board chairman and minister for canal affairs. 'The business of the canal is to ensure that we provide customers with a safe and reliable service.'
The ACP also said the Panamanian National Environmental Authority has approved the environmental impact study for the first dry excavation contract for the new Pacific Locks access channel.
The excavation will be the first construction project for the expansion, which will add a third set of locks to the canal, double the waterway’s capacity and allow much bigger ships to transit the isthmus.
On May 6, the ACP released tenders for the channel and bids are due July 26.
Panama legislature approves canal improvement spending
