Panama awards concession on Isla Margarita park

The Panamanian Cabinet passed a resolution agreeing to a concession contract between the State and United Crown Construction Society, Inc., to develop the Isla Margarita Logistic Park in the district of Cristobal.

United Crown Construction intends to invest more than $105 million, and according to their estimates, they will generate about 800 jobs in the construction phase of the project and up to 1,200 jobs at its operational stage.

The company petitioned the Panama Maritime Authority to grant a total area of seabed of 54 hectares, located on Isla Margarita for a term of 20 years to build a container yard in the concession area.

Source: Bulletin Panama