Panama Canal Locks in Multilateral Cash

Panama Canal Locks in Multilateral Cash

Panama

In the face of a credit crunch that has derailed financing plans for numerous projects throughout the region, the Panama Canal Authority has obtained $2.3bn in financing from multilateral banks to expand the waterway. JBIC is providing $800m, the European Investment Bank $500m, the IDB $400m, and CAF and the IFC are each providing $300m. The financing carries a 20-year maturity with a 10-year amortization and a 10-year grace period during which only interest will be paid, says Cynthia Urda Kassi

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