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Weekly Report - 20 March 2014 (WR-14-11)

PANAMA: Deal reached over Panama expansion project

It took two and a half months of negotiations but a final deal has been signed between the Panama Canal authority (ACP) and international consortium, Grupo Unidos por el Canal (GUPC), signalling an end to the dispute as to who should foot the bill for the US$1.6bn cost over-run of the construction of the third set of locks – the biggest project under the US$5.3bn Panama Canal expansion plan. Even with the deal, the completion date of the expansion project, which is 70% complete, has already been pushed back by a further six months to December 2015.

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