Brussels, 28/02/2014 (Agence Europe) - The European consortium in charge of work on enlarging the Panama Canal, and the canal authority have come to an agreement on the extra costs. European Commissioner for Industry and Entrepreneurship Antonio Tajani, who has been mediating in the affair, is delighted.
On 28 February, after several weeks of being blocked, the GUPC consortium - led by the Spanish group Sacyr and also including Impregilo from Italy and Jan de Nul from Belgium - reached an agreement with the Panama Canal authority on the financing for the extra cost of the work on enlarging the Panama Canal. The extra cost has been estimated at €1.2 billion. Work was resumed on 20 February after being suspended for two weeks. “This agreement is subject to documentation being provided, which is already under way, and which will be concluded by the awaited signature soon”, said Sacyr on Friday. The work on enlarging the canal - estimated at over $5 billion - should enable the load currently authorised to pass along the canal to be doubled - 5% of world trade is transited along the canal and the canal's enlargement will bring this to 12,000 containers.
In Brussels, Tajani immediately said he was very pleased about this agreement “that will allow the completion of this key element of infrastructure for the global economy”. “This agreement is important for the world economy, for Panama, for Europe, for countries around the world and for the reputation of all parties involved”, Tajani added. He thanked the European companies “for their spirit of cooperation”, with the support of the governments of Belgium, Spain and Italy, and he also thanked the government of Panama for its contribution - particularly its minister Roberto Roy, with whom Tajani has been constantly in contact. “Europe can and must speak with one voice in the world to solve complex problems such as [this](…) It is a step towards a European economic diplomacy in support of national efforts”, Tajani concluded. (EH)