Luxembourg, 30/03/2004 (Agence Europe) - The European Investment Bank (EIB) is has just signed a contract to provide USD 50 million to the Republic of Panama for the construction of the second bridge over the Panama Canal “Puente del Centenario”. The project foresees the construction of a 1.1 km bridge over the canal and the connecting infrastructure within the metropolitan area of Panama City. This includes an Eastern motorway between Panama City and the new bridge and a Western motorway between the bridge and the existing Arraiján - La Chorrera motorway. It will open a new transport corridor providing better connection to the Pan-American Highway as well as facilitating the flow of freight traffic in Panama and in Central American Countries.
The second bridge will help to reduce traffic congestion and improve safety in Panama City. It will significantly take off traffic from the existing bridge Puente de las Americas, which has reached its capacity limits. Benefits will accrue from time and vehicle operating cost savings. The project will also help to reduce emissions and noise levels. Completion for the bridge is expected for the second half of 2004, while full completion for the connecting motorways will probably be in early 2005. The 20-year EIB loan benefits from a 5-year grace period, it will cover more than 20% of the cost and is guaranteed by the budget of the European Union.