Panama Canal, Consortium Make New Proposals To Rescue Expansion
The companies working to widen the Panama Canal and the waterway’s administrator each made new proposals Friday, aimed at reviving the multibillion dollar project, after talks broke down this week amid a cost spat and work ground to a halt. Grupo Unidos Por El Canal said it was pushing for a settlement with the Panama Canal Authority to resume the work, which would double the capacity of the century-old waterway. The widened canal would allow bigger ships to ferry cargo such as grains, chemical products and vehicles between the Atlantic and the Pacific oceans. The consortium said its proposal took into account the concerns of the canal authority “while providing the funding necessary to finish the third set of locks.”
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