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Panama Canal discusses new financing deal

Wednesday, January 22, 2014

The Panama Canal on Tuesday held talks over a new financing proposal with the Spanish-led consortium in charge of expanding the waterway and its insurer aimed at ensuring work continues on the project.

Panama Canal Administrator Jorge Quijano said the consortium, led by Spanish builder Sacyr, and which had threatened to halt work on the project this week, had pushed back its deadline to the end of January.

"There is a proposal on the table which the parties have put forward," Quijano said, adding that "It could offer a pretty long-term solution so work can continue."

Source: Reuters