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April 27, 2006
$6B Panama Canal expansion possible
PANAMA CITY, Panama
If Panama’s president, Omar Torrijos, has his way, the largest expansion of the Panama Canal since 1914 could be in that country’s future.
The project’s estimated $6 billion US cost would be a big investment for a country whose government budget is $6.5 billion a year. Officials are counting on private bank financing.
And the government also is touting the creation of 7,000 new jobs during construction, which it says would take at least five years.
The project, which will be put to voters in a referendum later this year, would add a third series of locks big enough to accommodate the world’s biggest cargo ships. The new locks would be just under 180 feet wide, to allow passage of “Post-Panamax” ships, which carry 8,000 containers.
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