Weekly Report - 11 October 2007 (INNS 1741-7422)

PANAMA | Canal record. The Panama Canal set a new record in fiscal year 2007 (1 October to 30 September) with the passage of 300m tonnes of cargo, up 2.2% on the previous record set a year earlier, the Panama Canal Authority (ACP) revealed. Traffic was also up: 14,721 ships used the Canal, up 3.7% on the previous year. A month earlier, President Martí­n Torrijos inaugurated the much-trumpeted expansion project, which the government estimates will cost US$5.25bn. Two new three-step locks will be constructed at the Atlantic and Pacific gateways to speed transit through the Canal and allow for the passage of post-Panamax ships which are too large for the existing Canal.

REGION | EU to increase aid. On 4 October, the European Commissioner for External Relations, Benita Ferrero-Waldner, said that the EU would increase aid to Central America by 25%, amounting to US$1.18bn between 2007 and 2013. The announcement was made shortly before talks are set to begin between Central America and the EU over an association agreement on 22 October. The new aid will compensate for Sweden's decision in August to gradually withdraw aid from Central America, in order to focus on countries in Africa and Eastern Europe. Particularly affected were Nicaragua and Honduras who stand to lose US$21m and US$15m a year respectively.

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