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Weekly Report - 30 June 2016 (WR-16-25)
PANAMA: Canal expansion project unveiled
President Juan Carlos Varela has inaugurated the US$5.3bn Panama Canal expansion project that will allow the passage of post-Panama ships through the Canal. The completion date for the project, which began in 2007, had been pushed back from October 2014 due to various factors, including a dispute over cost overruns with Grupo Unidos por el Canal (GUPC), the multinational consortium in charge of constructing the third set of locks – the expansion plan’s biggest project [WR-14-01]. The completion of the project and prospect of growth and investment is a timely boost for Varela whose approval ratings remain low. This stems from factors including a health crisis forcing the resignation of his health minister, as well as transparency-related concerns due to scandals like the ‘Panama Papers’, the biggest leak of secret information in history, and the US government’s recent blacklisting of one of Panama’s most important business groupings, the Waked family [WR-16-18].
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